- A bank account that is co-owned or held by two or more people who share equally in the rights and liabilities of the account.
chequing account, savings account
Related Terms and Acronyms
- Account Agreement — Definition,
- An agreement that you sign and which lists your rights and responsibilities and the bank's rights and responsibilities for the bank account.
- Authorized User — Definition,
- Any person to whom you give permission to use a credit card account.
- Balance (bal.) — Abbreviation,
- The amount of money in your account.
- Chequing Account — Definition,
- A bank account that allows quick access to the money in the account.
- 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.
- Commingling — Definition,
- Lumping together money from different sources so the sources cannot be distinguished.
- Debit — Definition,
- Another name for withdrawal of funds from your account.
- Overdraft (DR) — Acronym,
➥ Bank account transaction code.
- The amount that a cheque exceeds the available balance in the payor's account; also insufficient funds.
- Reconciliation — Definition,
- Checking all bank account papers to make sure that the bank's records and your records agree.
- Savings Account — Definition,
- A financial account that pays interest with low risk.