Database Reference
In-Depth Information
An account is an arrangement by which our bank holds funds on behalf of a customer. This arrange-
ment includes the amount of funds we hold on behalf of a customer as well as a historical perspective of
all of the transactions that have impacted this amount such as deposits and withdrawals. An account is
structured for a particular purpose such as for stock investing, which is called a “brokerage account,” for
interest-bearing, which is called a “savings account,” and for check writing, which is called a “checking
account.” An account can only be one of these types. That is, an account cannot be both checking and
savings.
Account
An account balance is a financial record of how much money a customer has with our bank at the end
of a given time period such as someone's checking account balance at the end of a month. The account
balance is impacted by many types of transactions including deposits and withdrawals. The account bal-
ance amount is restricted to just a single account. That is, if we wanted to know Bob the customer's net
worth to our bank, we would need to sum the account balances for all of Bob's accounts.
Account
Balance
The day, month, and year that a customer first opens their account. This is the date that appears on the
new account application form and is often not the same date as when the account first becomes active
and useable. It may take 24-48 hours after the application is submitted for the account to be useable. The
account open date can be any day of the week including a date when the bank is closed (such as if the
customer submits the application using our website off hours).
Account
Open Date
A periodic record of the events that have impacted the account. Events include withdrawals, deposits,
etc. The bank account statement is usually issued monthly and includes the beginning account balance, a
record of all events, and the ending account balance. Also listed are bank fees and if applicable, any in-
terest accrued.
Bank Ac-
count State-
ment
A division of our bank that is open to the public. A branch is a staffed facility, whether staffed virtually
or staffed onsite. A branch does not include ATM-only facilities. A branch is service oriented, allowing
our customers to perform many actions ranging from account services to home mortgage to brokerage.
Branch
A check is a piece of paper that is equivalent to the stated amount in cash. It is a promise to pay
someone the amount written on the check and to have this amount deducted from the check owner's
(that is, the customer's) bank account. The concept of a check represents a filled in check as opposed to
the concept of a check template. That is, if Bob writes a check for $5, the check captures this $5 amount
and not the general concept that Bob has checks.
Check
