Account Types
Bank accounts may have a positive, or credit balance, where the bank owes money to the customer; or a negative, or debit balance, where the customer owes the bank 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 debit balances are referred to as loan accounts. Some accounts can switch between credit and debit balances.
Some accounts are categorised by the function rather than nature of the balance they hold, such as savings accounts. hahahahahahahahhahahh
All banks have their own names for the various accounts which they open for customers.
Read more about this topic: Bank Account
Famous quotes containing the words account and/or types:
“One cannot be a good historian of the outward, visible world without giving some thought to the hidden, private life of ordinary people; and on the other hand one cannot be a good historian of this inner life without taking into account outward events where these are relevant. They are two orders of fact which reflect each other, which are always linked and which sometimes provoke each other.”
—Victor Hugo (1802–1885)
“The wider the range of possibilities we offer children, the more intense will be their motivations and the richer their experiences. We must widen the range of topics and goals, the types of situations we offer and their degree of structure, the kinds and combinations of resources and materials, and the possible interactions with things, peers, and adults.”
—Loris Malaguzzi (1920–1994)