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credit cards faq/glossary
The most common questions asked about Credits Cards.
Credit Card Glossary
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Bank account
What does Bank account mean?

A bank account is an account that is owned by a client at a financial institution. The bank holds the money deposited for the investor, which leads to a positive balance also known as credit balance, or loans a certain amount of money to its client, leading to a negative balance otherwise known as a debit balance.

A bank account is created for savings, unlike a brokerage account, which enables an investor to buy and sell different securities. There are several types of bank accounts that can be created at a financial institution, like checking accounts and savings accounts.

In consumer terms, a bank account is a personal place where a client places money deposits, and acquires loans. Once, bank accounts were necessary in order to own a credit or debit card, and perform any type of transaction. This is no longer the case, since they came up with various prepaid products, it is not necessary for a cardholder to have an individual account.
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