Definition
--------------
The relation between bankers & clients is created through which account is called bank account. If any individual wants to deposit his accumulated money in bank, he is to open a bank account with his name that hold a particular number which is his identity to bank and his deposited amounts are added to balance or withdrawal amount are deducted from his balance. In this way the money of a client are to be deposited or withdrawal with the help of which account is called bank account. Moreover, a contract between banker & client is implemented through a bank account.
"Bank account is an account maintained by a bank in which a deposits a depositors money is kept". (Oxford Dictionary of Business)
"Bank account is a contractual agreement between a bank and its customers allowing the customer to use bank services for a fee". (Lewis E Devids)
After analysing the above definition the follows are pointed out
* Bank account is a contractual relation between bankers & clients.
* It is continued to a name with number.
* The calculation of deposit & withdrawal are maintained and preserved here.
* Clients separated & detected by this account.
* The money of clients are preserved with safety & security through this account.
Objectives / Importance or Advantages of Bank Account.
-------------------------------------------------------------------------------
★ Safety preservation of saved money of clients.
★ Easy transfer of money from one place to another including foreign & domestic areas.
★ Creation of savings and savings mentality.
★ Increasing incomes & profits of each other.
★ Formation and creation of capital and liquidity.
★ Creating loan facilities.
★ Assist in foreign exchange.
★ Making economy to clients.
★ Information collection & providing if necessary.
★ Advising to subscribers on various facts for the interests of them.
★ Creating exchange medium.
★ Creating employment opportunities.
★ Giving social status and dignity to clients.
★ Making & increasing consciousness of general people.
★ Giving record facilities to clients for avoiding legal hindrances.
Bank account is a process in which we can secure our property in some secure manners. After following full process in https://www.britishessayhq.com/9-1-10-assignmentmasters-co-uk-review/ in which rules are mentioned, a user get authenticate and are allow to open an account in bank.
ReplyDeleteOnline-only banks offer a number of advantages over traditional retail banks, including lower fees and higher rates on average. You can easily do all of those online banking tasks by using mobile app. Get it here - cloudbase3.com/revolut-review
ReplyDelete