An account is part of the relationship with your financial institution. For example, you may have a savings ‘account’ or a chequing ‘account’. An account can be compared to a piggy bank, kept by the financial institution, on your behalf. You can “open” an account to begin saving. Your account reflects your financial standing with the institution. For example, your loan ‘account’ may state that your remaining debt to a lender is a certain amount, while your savings ‘account’ may state that you have a thousand dollars which you own.
Written on 08/26/2016 by Kurt Linton