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ATM cards (withdraw cash at any Automated Teller Machine).

A transaction account allows the account holder to make or receive payments by: The cheque was the traditional mode of payment for a transactional account.ДЄll transaction accounts offer itemised lists of all financial transactions, either through a bank statement or a passbook. By the late 18th century, the difficulty of clearing checks (sending them from one bank to another for collection) gave rise to the development of clearing houses.

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In the 18th century in England, preprinted checks, serial numbers, and the word ' cheque' appeared. This concept spread to other countries including England and its colonies in North America, where land owners in Boston in 1681 mortgaged their land to cashiers who provided an account against which they could write checks. Competition drove cashiers to offer additional services, including paying out money to any person bearing a written order from a depositor to do so. People who had acquired large accumulations of cash began to deposit their money with cashiers to protect their wealth. In Holland in the early 1500s, Amsterdam was a major trading and shipping city. ДЎ967 letter by the Midland Bank to a customer, informing on the introduction of electronic data processing and the introduction of account numbers for current accounts

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Again depending on the country the financial institution that maintains the account may charge the account holder maintenance or transaction fees or offer the service free to the holder and charge only if the holder uses an add-on service such as an overdraft. Depending on the country and local demand economics earning from interest rates varies. Transaction accounts are operated by both businesses and personal users. In the United States, NOW accounts operate as transaction accounts. Because money is available on demand they are also sometimes known as demand accounts or demand deposit accounts. In the United Kingdom, Hong Kong, India and a number of other countries, they are commonly called current or cheque accounts. Transaction accounts are known by a variety of descriptions, including a current account (British English), chequing account or checking account when held by a bank, share draft account when held by a credit union in North America. In accounting terms, they are considered as cash. In economic terms, the funds held in a transaction account are regarded as liquid funds. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques (checks) and electronic transfer. It is available to the account owner 'on demand' and is available for frequent and immediate access by the account owner or to others as the account owner may direct. A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution.

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