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.
t-account. The traditional way to record a debit and credit in one account shaped like a T.. The long line is for the account name, the left column is the debit amount, and the right column is the credit amount.
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