Bank Checking & Savings Accounts
A transaction account, checking account, or demand deposit account is a deposit account held at a bank or other financial institution which 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. Access may be in a variety of ways, such as cash withdrawals, use of cheques and debit by electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds.
Transaction accounts are generally used for the business or personal convenience of the account holder. They normally do not earn any or a high interest and the financial institution that maintains the account commonly charges account maintenance or transaction fees to the account holder.
Saving accounts (UK: savings accounts) are accounts maintained by retail financial institutions that pay interestbut cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing acheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. For the bank, money in a savings account may not be callable immediately and, in some jurisdictions, does not incur a reserve requirement. Cash in the bank’s vaults may thus be used, for example, to fund interest-payingloans.
The other major types of deposit account are the transactional account (usually known as a “checking” (US) or “current” (UK) account), money market account and time deposit.
Somers Point
Somers Point is a city in Atlantic County, New Jersey,United States. At the 2010 United States Census, the city’s population was 10,795,[10][11][12] reflecting a decline of 819 (-7.1%) from the 11,614 counted in the 2000 Census, which had in turn increased by 398 (+3.5%) from the 11,216 counted in the 1990 Census.[21]
The City of Somers Point is in the eastern part of Atlantic County, southwest of Atlantic City.
Somers Point was once known as the Somerset Plantation and its settlement started around 1693. The Somers Mansion, with a commanding view of Somers Point’s harbor, was built in 1725. Somers Point was designated as a port of entry in 1791 and remained one until it was abolished in 1915.[22][23]
Somers Point was originally incorporated as a borough by an act of the New Jersey Legislature on April 24, 1886, from portions of Egg Harbor Township, based on the results of a referendum held five days earlier. The borough was reincorporated on April 2, 1890, based on the previous day’s referendum. Somers Point was incorporated as a city on April 9, 1902, from all of Somers Point borough and additional portions of Egg Harbor Township.[24][25] The borough was named for John Somers.[26][27]