A banking account is an account held at a banking institution where finances of the customer are held. The bank records the financial transactions between the customer and the bank. The customer deposits money into the bank and then has access to remove it whenever the customer needs it.

This is done in a variety of ways, such as using an ATM, checks, or electronic transfers. Bank accounts keep solid records to inform the customer whether they have a credit balance or a debit balance in their accounts. If they have a credit balance, the credit they have is available to be withdrawn from their account.

If the customer has a debit balance, the customer owes money to the bank..

Once money is deposited into a banking account there may be limits to the amount of monies that are available for withdrawal on a daily basis via certain methods. ATM transactions and bank card transactions are the two most common fund sourcing methods that carry limits for daily use..

There are many different types of bank accounts and not all of them function as a deposit-withdraw account. Some are meant to hold money for long periods of time. Some of the different types of account held at a financial institution are: savings accounts, transactional accounts, numbered bank account, money market account, tax-exempt savings account, transaction deposit, low-cost account, and nostro and vostro accounts.

Banks hold all of these accounts for customer so that while the customer has this money in the bank, the bank can then use this money to pay out on other accounts, guaranteeing that when the customers wants to withdraw their money, it will be available. Some bank accounts also have to do with borrowing money.

Customers can hold a loan account at a bank if they are borrowed a large sum of money from that bank for a new home or car..

Banking : Banking account