Personal account
Encyclopedia
A personal account is an account for use by an individual for that person's own needs. It is a relative term to differentiate them from those accounts for corporate or business use. The term "personal account" may be used generically for financial accounts at banks and for service accounts such as accounts with the phone company, or even for e-mail accounts.
and a checking account.
Banks differentiate their services for personal accounts from business accounts by setting lower minimum balance requirements, lower fees, free checks, free ATM usage, free debit card
(Check card
) usage, etc. The term does not apply to any one service or limit the banks from providing the same services to non-individuals.
At the turn of the 21st century, many banks started offering free checking, a checking account with no minimum balance, a free check book, and no hidden fees. This encouraged Americans who would otherwise live from check to check to open their "personal" account at financial institutions. For businesses that issue corporate checks to employees, this enables reduction in the amount of paperwork.
Banking
In banking in the United States, "personal account" refers to one's account at the bank that is used for non-business purposes. Most likely, the service at the bank consists of one of two kinds of accounts or sometimes both--a savings accountSavings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
and a checking account.
Banks differentiate their services for personal accounts from business accounts by setting lower minimum balance requirements, lower fees, free checks, free ATM usage, free debit card
Debit card
A debit card is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution...
(Check card
Check card
The term check card can refer to:* An identification card issued by a retailer allowing the holder to tender payment by check. Such cards were commonly issued in the United States by supermarkets and other retailers before the widespread use of debit cards....
) usage, etc. The term does not apply to any one service or limit the banks from providing the same services to non-individuals.
At the turn of the 21st century, many banks started offering free checking, a checking account with no minimum balance, a free check book, and no hidden fees. This encouraged Americans who would otherwise live from check to check to open their "personal" account at financial institutions. For businesses that issue corporate checks to employees, this enables reduction in the amount of paperwork.