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What's a Bank Account?

by Admin | August 2, 2021
What's a Bank Account?

Bank account is a financial product in which the person/entity can manage their money, in different ways offered by the bank.

Having a bank account, you will be able to deposit your money in the bank, and following: transfer, paying bills, withdrawals on ATM, getting a credit card, etc.

It is very important to bear in mind that all the changes made, in incoming and outgoing funds, will be recorded by the bank.

Bank accounts are considered as a basic financial product, from which by-products or products such as loans or debit cards can be generated.

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Checking Account

A Checking Account is a financial product that allows you to manage your cash in an easy, simple, safe and secure way, and at the same time, it is used to dispose of cash when you need it. The current account can also be interpreted as a deposit, since we have it at the moment we need it or want to use it.

It is the most common type of bank account that can be found in a bank. In this type of account you can have the money whenever you want and make transactions such as: transfers, deposits, payments, among others.

Unlike other types of accounts, this one is not oriented to savings, but it is designed to manage money on a daily basis, for this reason, it does not offer any type of profitability for the money kept in it.

It is generally subject to some type of maintenance commission or commission on the operations performed. It can be cancelled at any time, without being penalized, and notifying the bank beforehand.

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Checking Account Characteristics
A checking account is characterized because we can manage money by different means of payment, such as checks or, mainly, debit cards. In this way, it is feasible to receive the money with the option of our preference.
By having a checking account, we can access to a quota of overdraft, that is, the financial institution in which we have our checking account, will enable us this option, to use it at the time we are most broke.
The checking account is one of the most versatile and less selective ways, and that this can be obtained both by natural and legal persons, because with the use of checks and debit cards, it avoids carrying large sums of money.
With the money we have in the account, we will be able to access different goods or services and acquire them automatically, by means of a card or check.

Savings Account

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It is a financial product that allows the client to save his money safely. The savings account is considered the most used product to save and dispose of money quickly.

The money deposited in the account will generate interest according to the bank's policies and the particular characteristics of each product.

It allows you to review the details of the rates, to know what is the interest generated by the account at any time. It also allows you to have access to the money in a fast and agile way, since when you open your account, the bank generally delivers a debit card associated to that account, by means of which it is possible to make withdrawals in the bank's ATM network.

So to summarize the operation of a savings account, you can deposit money in it through deposits through different channels: branches, ATMs and virtual banking, the money in the account earns interest according to the policies of the product and the bank and allows you to withdraw money from it at any time through the assigned debit card.

Benefits of Savings Accounts
In general, the opening fees are not high, so it is easy to have an easily accessible product and choose an account that suits our requirements.
Easy to control financial movements, either from the application, the web portal (from a computer with an Internet connection), or at the available ATMs.
Enabled the option of making transfers to accounts in banks other than our own.
Possibility of obtaining profitability for the amount we have available in our account.
It is not the same as a checking account, there are several differences between these accounts, being the most outstanding that the checking account works with both debit card and check-book.

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Payroll Account

The payroll account, as its name indicates, is a bank account in which the salaried worker receives his or her salary, and also applies to those who receive a pension or other type of regular subsidy.

Generally, this type of accounts are exempt from administration and maintenance fees, and in many cases no commitment of permanence is required.

Characteristics of the Payroll Account
It can be acquired without having to go to a branch, taking approximately 5 minutes.
Easy acquisition of the first debit card completely free of charge, with which we can access our account remotely through different channels.
Carry out financial transactions at no cost and no matter where we are.

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