Talk:Transaction account

Talk:Demand account

The following discussion is an archived discussion of the proposal. Please do not modify it. Subsequent comments should be made in a new section on the talk page. No further edits should be made to this section.

The result of the proposal was rename and merge.--Jorfer 22:45, 17 July 2007 (UTC)

Merge

I suggest the merger from Current account (banking). Every country has its own particular features for a demand account, no matter what it's called: checking account, current account, etc. I don't see the need to be overly specific about the UK and Commonwealth countries. I recently improved this article, and included all the basics about the UK current account, hoping it now portrays an international view. -- AirOdyssey 00:08, 17 September 2006 (UTC)

I feel the concept of a single article has merit, however the title would have to be different. "Demand account" is meaningless in a UK context. From my investigations is seems to me that the US system is bound up in its own peculiar terminology and is quite different in practice. I'm not sure about the Canadian system?

Current account is the generic term as far as I'm concerned. I created the article because lots of references mis-linked to current account article in the context of macro-economics. I'm not convinced that there are sufficient similarities in 'demand accounts', 'checking accounts' and the like to merit a single title. simonthebold 13:21, 17 September 2006 (UTC)

Current account (banking) and demand account are very similar at this moment. The main differences are that a current account offers services such as standing orders, BACS and CHAPS, and offset mortgage, that do not exist outside the UK or the Commonwealth. To me, it's almost as if we made one article for "cheque" and another for "check", simply because it's the American English spelling and because the cheques don't look the same. -- AirOdyssey 14:45, 17 September 2006 (UTC)

Why dont we move this all to Bank account and do a disambiguation at the top for Loan a/c and Savings a/c, would Bank account satisfy everyone? Struck me that we could aviod this question of article title with something understood more universally? Ian3055 22:20, 19 September 2006 (UTC)

I think "Bank account" is too vague to do an article. However, a disambiguation page, a little like Bank card, would be fine, in my opinion. -- AirOdyssey 23:52, 19 September 2006 (UTC)

I've written the article bank account, which was needed I think. How about - transactional account - a name that describes the purpose? simonthebold 00:32, 20 September 2006 (UTC)

I need this account for kingbet Ekhalefo (talk) 19:06, 4 July 2023 (UTC)

The above discussion is preserved as an archive of the proposal. Please do not modify it. Subsequent comments should be made in a new section on this talk page. No further edits should be made to this section.

Globalize

Simon123, you suggested to globalize the Interest section. Are there any particularities about how interest is paid on a demand account in the United Kingdom or, as it is called there, a current account? I'm only familiar with Canadian bank accounts. -- AirOdyssey 00:34, 18 September 2006 (UTC)

In the UK nearly all personal current accounts pay interest, most business current acounts do not. Also virtually all current accounts offer free banking, ie. they do not charge for services credits, debits, etc. The range of interest vaires. The big four banks, Lloyds TSB, Barclays, Natwest and HSBC pay 0.1% interest on their standard current accounts. Other banks, especially those internet current accounts and some building societies pay upto 4.75% for credit balances.

Whilst were discussing differences, I'm unsure how other countries view overdrafts. I added the UK section in the overdraft article; compare this to the overdraft protection whith gives the US view. There seems to be a significant cultural difference in the way nations approach banking probably based on historical development of the banking systems. I'd be interested in the Canadian approach.

simonthebold 13:02, 18 September 2006 (UTC)

The service charge section of the article explains mostly the Canadian approach. Nearly all banks and credit unions charge for transactions on a chequing account. Most will waive fees if you keep a minimum average monthly balance. Only virtual banks and certain credit unions will not charge any fees whatsoever. I should add what you said on the demand account article. -- AirOdyssey 00:12, 19 September 2006 (UTC)

Confusing acronyms

Do most US citizens or Canadians readily understand what ETFPOS means? It will cause confusion in the UK as we are familiar with the phrase and concept of a 'debit card'. Would North Americans not understand 'debit card'? simonthebold 08:39, 19 September 2006 (UTC)

EFTPOS is the acronym. And there's a wikilink. And the word "debit card" is there too. And by the way, we, Canadians, have no true debit cards (like a Visa or MasterCard attached to a bank account). To buy in a store without using cash, we use an ATM card, which some of us nickname a "debit card." -- AirOdyssey 11:58, 19 September 2006 (UTC)

question

Is there a minimum age in the US where someone can have a checking account? I think it would be interesting to know because I wanted to open one but never did before I was eighteen.

answer

You can open one with a parent's name on the account if you are under 18.

Move Request

It was requested that this article be renamed but the procedure outlined at WP:RM#Steps for requesting a controversial page move did not appear to be followed, and consensus could not be determined. Please request a move again with proper procedure if there is still a desire for the page to be moved. Thank you for your time! -- tariqabjotu 20:52, 7 November 2006 (UTC)

Interest

It says in the article that checking accounts couldn't pay interest by law until 1930. But in Friedman's Capitalism and Freedom (published in 1962) he cites the prohibition on interest bearing checking accounts as a current problem, and in the Negotiable Order of Withdrawal account article linked to it says they didn't exist til the 70s. If anyone knows why please fix it, I'll investigate cos I don't know why. --Dilaudid

Talk:Current account (banking)

Cheques

"Most current accounts have a cheque book"

Where does this come from? Cheques are not commonly used in many European countries, and banks in these countries don't issue cheque books. I suppose that banks in the UK issue cheque books to all customers, while banks in Sweden and Finland issue cheque books to no one. Do the current accounts of cheque-issuing countries outnumber the current accounts of non-cheque-issuing countries? If not, the statement on the article page is wrong. (Stefan2 22:04, 5 June 2007 (UTC))

Perhaps it is meant to refer to the UK. The preceding statement says that current accounts apply in the UK and countries with a UK banking heritage - would that refer to Sweden and Finland? I'd have thought it's more likely to refer to Commonwealth countries. Whilst I wouldn't say that cheques are -commonly- used in the UK (and they're on the decline), I still have to write two or three a year - some small clubs/societies/journals don't accept (or at least discourage) any other form of payment. 13:34, 10 September 2007 (UTC)86.137.136.182

In the UK cheques are commonly used for paying tradesmen, bills etc.... but not for everyday shopping. 94.168.179.213 (talk) 11:25, 12 June 2012 (UTC)

預金

What page would be the appropriate place to list Japanese yokin (預金) accounts? The official translation of the name yokin is savings account, but you use it as a current account, in the sense that you are issued a cash card, you make bank transfers using the account (automatic as well as non-automatic) and you may be (upon request) be issued a cheque book for the account. So they fit in purpose to Current account but in name to Savings account. (Stefan2 22:12, 5 June 2007 (UTC))

check versus cheque

why is the less commonly used spelling used in wiki articles? check - 1.4B googles cheque - 42M googles

bank check - 19M googles bank cheque - 1M googles

jsut guessing that using the less common spelling can only create confusion for the majority of people readin an article —Preceding unsigned comment added by 75.3.131.96 (talk) 20:03, 16 March 2008 (UTC)

This looks odd

"Whatever the name, these accounts are primarily meant for businessmen, firms, companies, public enterprises etc. that have numerous daily banking transactions." - this phrasing implies that private individuals other than "businessmen" (itself an irritatingly sexist term) are unlikely to possess such accounts. I don't know about the rest of the world, but here in Britain it is extremely common for ordinary individuals to have a current account.86.136.253.102 (talk) 16:21, 11 July 2008 (UTC)

In some countries (like in Canada) the term "current account" specifically means "business account". To talk about what in the UK would be known as a "current account", other terms are used such as "deposit account", "chequing account", "savings account" or simply "bank account." So it's just a question of local language, in my opinion, that may have influenced the choice of words. AirOdyssey (Talk) 16:49, 11 July 2008 (UTC)

History

I would like to see some information on the history of checking accounts. When did the concept orginate? When did the standardized checking system come about? 71.204.84.195 (talk) —Preceding undated comment was added at 22:15, 2 November 2008 (UTC).

I agree about history. I don't know much about the history of checking accounts, but it seems to me there's been a big change in the last 50 years.

Unless I'm much mistaken, in the past, only rich people had transactional accounts - and the point of having such an account was so that wealthy people could pay traders on the go, without having to carry large amounts of cash around with them. As a vendor selling something to a wealthy client, receiving a cheque isn't as good as receiving cash - but it's a lot better than receiving an IOU. With an IOU, you have to hassle your client for payment on a later date - but with a cheque, you can take it to a bank and cash it - and you only have to hassle the client if the bank refuses to honour it. Given that only wealthy people had cheque accounts to start off with, a vendor could often afford the risk that a cheque might bounce, if the alternative was to lose the sale.

If a poor person had any kind of account at all, it would be a savings or mortgage account with a building society or credit union - but most poor people used cash for everything.

However, nowadays, it seems that poor people are often expected to have transactional accounts, so that they can receive welfare benefit payments, and wages from doing unskilled factory and construction work, without their employers or welfare offices risking a raid on payroll day. Up until recently, such payments used to be made in cash. Admittedly, such payments could often be made into savings accounts - however, modern money laundering regulations often have the effect that banks require you to have a transactional account first before you can open a savings account.

I guess that ERMA and the computerisation of bank account bookkeeping might have had something to do with this. Point is, this strikes me as a big change in the whole raison d'être of what we now call "checking accounts" and "current accounts"; they were once seen as status symbols, but now they are regarded more like public utilities, in that they are services that people simply cannot do without. So I'm surprised that the article doesn't mention this change.

Okay I realise I can't just drop original research into the article, but surely someone has written something about this somewhere? 85.210.19.74 (talk) 13:57, 12 October 2010 (UTC)

Rename to checking account

I think its best to move this article to checking account, as that is the most commonly used term for this type of account. LK (talk) 02:58, 30 June 2009 (UTC)

That term isnt really used outside of the USA 94.168.179.213 (talk) 11:24, 12 June 2012 (UTC)

I think its best to move this article to checking account, as that is the most commonly used term for this type of account. LK (talk) 02:58, 30 June 2009 (UTC) Ngamboithang (talk) 22:01, 29 January 2022 (UTC)

Circular Definition

The thesis of this article defines it as a deposit account. The thesis of the deposit account article defines it as a transactional account. Circular definitions are confusing. -Craig Pemberton (talk) 16:57, 21 September 2009 (UTC)

You will notice that deposit account also includes savings account. The deposit account is thus a more general term than current account.--Jorfer (talk) 22:01, 21 September 2009 (UTC)

Kingbet

Beting all kinds of Games, especially football and virtual Ekhalefo (talk) 19:18, 4 July 2023 (UTC)