CHECK ACCOUNT Meaning and
Definition
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A check account, also known as a checking account or current account, is a financial account provided by a bank or credit union that allows depositors to easily access their funds for various transactions. It serves as a means for individuals, businesses, and organizations to manage their regular financial activities conveniently and efficiently.
Typically, a check account provides several features to its holders. Firstly, it enables the deposit and withdrawal of funds using various methods such as checks, debit cards, and electronic transfers. This enables account holders to make payments, purchase goods and services, or withdraw cash easily and securely. Secondly, a check account often offers overdraft facilities, allowing the account holder to continue making transactions even if they do not have sufficient funds in the account at that moment. However, this feature comes with associated fees and interest charges.
Moreover, a check account provides the account holder with the ability to monitor their account balance and transaction history regularly. This can be done via online banking, mobile applications, or by receiving regular bank statements. Additionally, some check accounts may offer other benefits like direct deposit services, online bill payment options, and access to other financial products.
In summary, a check account is a flexible and accessible financial account that allows individuals, businesses, and organizations to store, manage, and transact funds as per their financial needs. It offers easy access to funds while providing oversight and tracking capabilities for efficient financial management.
Etymology of CHECK ACCOUNT
The term "check account" does not have a distinct etymology as it is a combination of two separate words: "check" and "account".
"Check" originated from the Old French word "eschequier", which referred to a chessboard. Over time, it came to be associated with the written document used to instruct a bank to pay a specific amount of money to an individual from their account. The word "account" comes from the Latin word "computare", meaning to calculate or reckon.
Therefore, the etymology of "check account" can be understood by examining the origins of each individual word.
