Account

In the world of finance, an account is an entity that you have with a bank or other financial institution - specifically it is a contractual relationship between the two of you, and there is an exchange of funds involved in an account (e.g. when you set it up you put money in and then you take it in and out over the lifetime of you having the account).

Many people used to keep an account with one bank for life and it was even a privilege at one time to have a bank account. Now it is much easier to swap banks and people do it more regularly and have relationships with several different banks at once.

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