Broadly, accounts opened with the purpose of holding credit balances are referred to as deposit accounts; whilst accounts opened with the purpose of holding debit balances are referred to as loan accounts.
Some accounts are defined by their function rather than nature of the balance they hold. Bank accounts designed to process large numbers of transactions may offer credit and debit facilities and therefore do not sit easily with a polarised definition. These transactional accounts are called by different names in different countries: in the U.S. and Canada, they are checking accounts, in the UK current accounts.
The Government of Canada maintains a database of the fees and features of bank account packages offered by various financial institutions operating in Canada. The information is periodically incorporated in comparative tables and published in booklet form. The tables are also published in PDF form on the website of the Financial Consumer Agency of Canada. The database also feeds into an interactive online tool that allows consumers to compare various bank account packages online.
A checking account for your child: some banks are more willing than others to set one up.(includes related article on high school economics competition)
Aug 01, 1998; Some banks are more willing than others to set one up. My daughter, who is almost 16, babysits and is often paid by check. I...