types of bank accounts

bank account

a record of the client’s arrangements with the bank

types of bank account

1. savings account

2. checking account

3. time deposit

savings account

money paced in a bank for safekeeping, withdrawals can be made anytime, interest accruing, no maturity date. evidenced by a pass book

checking account

“current account” cash placed in a bank where interest if there is any, is lower than that of a savings account, carries convenience of withdrawals through checks. check book issued by thank to the depositor

time deposit

“certificate of deposit” money placed in bank where interest rate is fixed although higher, has a holding period or maturity date

bank documents

1. deposit slip

2. withdrawal slip

3. check

deposit slip

filled up by the bank client or depositor evidencing the amount of money he/she will place in bank account for safekeeping

withdrawal slip

filled up by the client evidencing the amount of money he/she will pull out from his/her bank account

check

an instrument issued by a person in payment for goods and services acquired, a written order directing payor’s bank to pay a certain amount of money to be drawn