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A bank account is a financial account maintained by a
The laws of each and every country specify the manner in which accounts may be opened and operated. They may specify who may open an account, for example, how the signatories can identify themselves, deposit, withdrawal limits among other specifications. The minimum age for opening a bank account is 18 years old in most countries. However, in some countries, the minimum age to open a bank account is 16 years old.
Bank accounts may have a positive, or
Broadly, accounts opened with the purpose of holding credit balances are referred to as
Some accounts are categorized by the function rather than nature of the balance they hold, such as
All financial institutions have their own names for the various accounts which they open for customers.