Of these, Wells, Fargo, Livingston and McKay were also on the board of American Express. Financier Edwin B. Morgan of Aurora, Cayuga County, New York, was appointed Wells Fargo's first president. They commenced business May 20, 1852, the day their announcement appeared in The New York Times.
A more specific definition in common use is an account with a balance that is the opposite of the normal balance (Dr/Cr) for that section of the general ledger. An example is an office coffee fund: Expense Coffee (Dr) may be immediately followed by Coffee-employee contributions (Cr).
checking account - a bank account against which the depositor can draw checks that are payable on demand chequing account, current account bank account - a fund that a customer has entrusted to a bank and from which the customer can make withdrawals; he moved his bank account to a new bank