Chequing Account

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • demand account
  • deposit account
  • transactional account

Alternate Spellings

  • checking account

Definition of Chequing Account

  1. A type of bank account used to store funds that need to be accessed on a day-to-day basis. Money kept in a chequing account is extremely liquid and transactions are not as limited as those made with a savings account. Chequing accounts rarely offer interest, and if they do, the rates are not high. Also known as a "checking account," "demand account," "deposit account," or "transactional account."

Related Terms and Acronyms

  • Tax Instalment Payment Plan (TIPP) Acronym, Canada,
    • A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.
  • Cheque (CK) Acronym,
    • A written order for payment of a certain amount of money.
    Bank account transaction code.
  • Savings Account Definition,
    • A financial account that pays interest with low risk.
  • Call Deposit Account Definition,
    • A bank account that combines some features from both savings and checking accounts.
  • Retail Banking Definition,
    • Banking services offered to individual customers such as savings accounts, personal loans, cheque cashing, and RRSPs.
  • Withdrawal (WD) Acronym,
    • Taking money out of a bank account or financial instrument.
    Bank account transaction code.
  • Express Account Definition,
    • A low-fee or no-free chequing account, limited to ATM, telephone, and online transactions. Express account customers are charged fees when using bank teller services.
  • Debit Definition,
    • Another name for withdrawal of funds from your account.
  • Closed-account Fee Definition,
    • A fee charged for shutting down an account. Sometimes charged if the account is closed before a certain time period has passed.
  • Combination Account Definition,
    • An account that is part savings and part chequing. You may write cheques and you will be paid interest if you have enough money in the account.
  • Clearing and Settlement (C&S) Acronym,
    • The process whereby banks collect or pay out for items drawn on or paid into accounts in their institution. This process enables banks to accept each other's cheques and bank drafts for deposit. The Canadian Payments Association operates Canada's clearing system.
  • Joint Account (J/A) Acronym, Important,
    • A bank account owned by two or more persons who share equally in the rights and liabilities of the account.
  • Time Deposit Definition,
    • A type of deposit account with a stated maturity at which time the account reverts to another type of account or is "rolled over" for another fixed period of time.
  • Rests Definition,
    • The periodical balancing of an account for the purpose of converting interest into principal, and charging the party liable thereon with compound interest.
  • Overdraft Minimum Amount Definition,
    • Minimum amount that will be transferred to the accountholder's account if a potential non-sufficient funds (NSF) situation occurs.
  • Personal Savings Definition,
    • Put own money away.
    • The difference between personal disposable income and personal consumption spending.
  • Online Banking (OLB) Acronym, Important,
    • Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
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