Bank Account
/ˈbæŋk əˌkaʊnt/
Definitions
- (n.) A financial arrangement maintained by a bank for a customer, allowing deposits, withdrawals, and other transactions under agreed terms.
She opened a bank account to manage her business finances.
- (n.) A legally recognized record evidencing the customer's ownership of funds and rights to access those funds held by the bank.
The bank account statement served as proof of payment.
Forms
- bank accounts
Related terms
See also
Commentary
A bank account is a foundational legal financial instrument; drafting clear terms on ownership, access, and liability is essential to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.