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Bank account - Wikipedia Bank account Jump to : navigation , search Part of a series on financial services Banking Types of banks ( show ) Advising Central Commercial Community development Cooperative Credit union Custodian Depository Direct Export credit agency Investment Industrial Merchant Mutual savings National Offshore Postal savings Private Public Retail Savings Savings and loan Universal Lists of banks Accounts Cards ( hide ) Accounts Christmas club Deposit Money - market Savings Time deposit ( Bond ) Transaction ( checking / current ) Cards ATM Credit Debit Funds transfer ( show ) Electronic bill payment Wire Cheque SWIFT Automated Clearing House Giro Banking terms ( show ) Automatic teller machine Bank regulation Loan Money creation Anonymous banking Ethical banking Fractional reserve banking Islamic banking Private banking Related topics ( show ) Financial market ( participants ) Corporate finance Personal finance Public finance Financial regulation List of banks letter by the Midland Bank to a customer , informing on the introduction of electronic data processing and the introduction of account numbers for current accounts A bank account is a financial account maintained by a financial institution for a customer . A bank account can be a deposit account , a credit card account , a current account , or any other type of account offered by a financial institution , and represents the funds that a customer has entrusted to the financial institution and from which the customer can make withdrawals . Alternatively , accounts may be loan accounts in which case the customer owes money to the financial institution . The financial transactions which have occurred within a given period of time on a bank account are reported to the customer on a bank statement and the balance of the accounts at any point in time is the financial position of the customer with the institution . The laws of each country specify the manner in which accounts may be opened and operated . They may specify , for example , who may open an account , how the signatories can identify themselves , deposit and withdrawal limits and many other matters and one should open account in bank to invest or to save their own money . Contents ( hide ) 1 Account structure 2 Types 3 See also 4 References Account structure ( edit ) Bank accounts may have a positive , or credit balance , where the financial institution owes money to the customer ; or a negative , or debit balance , where the customer owes the financial institution money . Broadly , accounts opened with the purpose of holding credit balances are referred to as deposit accounts ; whilst accounts opened with the purpose of holding debt balances are referred to as loan accounts . Some accounts can switch between credit and debit balances . Some accounts are categorized by the function rather than nature of the balance they hold , such as savings account , which routinely are in credit . All financial institution have their own names for the various accounts which they open for customers . A financial institution has a variety of fees for the maintenance of various accounts and for the processing of certain transactions . Types ( edit ) Deposit Transactional account Checking account Current account Personal Transaction deposit ( USA ) Savings Individual Savings Account ( ISA ) ( UK ) Time deposit ( Bond ) / Fixed deposit Certificate of deposit ( USA ) Tax - exempt special savings account ( TESSA ) ( UK ) Tax - Free Savings Account ( Canada ) Money - market Other types Loan Joint Low - cost Numbered Negotiable Order of Withdrawal ( NOW ) ( USA ) See also ( edit ) Bank card number Banking in Switzerland Bank secrecy Bank statement Chart of accounts Financial privacy International Bank Account Number Society for Worldwide Interbank Financial Telecommunication International Organization for Standardization ISO 639 ISO 3166 ISO / IEC 7064 ISO / IEC 7812 ISO 9362 ISO 13616 ISO 15924 Money laundering Telephone banking References ( edit ) Jump up ^ `` What is debit balance ? definition and meaning '' . Businessdictionary.com . Retrieved 2013 - 12 - 17 . This finance - related article is a stub . You can help Wikipedia by expanding it . Retrieved from `` https://en.wikipedia.org/w/index.php?title=Bank_account&oldid=818084837 '' Categories : Banking Bank account Finance stubs Talk Contents About Wikipedia Беларуская Беларуская ( тарашкевіца ) ‎ Català Čeština ChiShona Deutsch Eesti Español فارسی Français Bahasa Indonesia עברית ಕನ್ನಡ Kiswahili Magyar Norsk Norsk nynorsk پښتو ភាសា ខ្មែរ Polski Português Русский Slovenčina Srpskohrvatski / српскохрватски Suomi Svenska Українська 中文 Edit links This page was last edited on 1 January 2018 , at 13 : 04 . About Wikipedia