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.
Kennett
Kennett is a city in and the county seat of Dunklin County, Missouri, United States.[6] The city is located in the southeast corner (or “Bootheel“) of Missouri, 4 miles (6.4 km) east of Arkansas and 20 miles (32 km) from the Mississippi River. It has a population of 10,932 according to the 2010 Census.[7] It is the largest city in the Bootheel, a mostly agricultural area.
White settlers built log cabins in the area in the first half of the 19th century, naming their settlement Chilletecaux in honor of a Delaware Indian chief who lived there. The town was renamed Butler in the late 1840s. Due to mail delivery problems because of other jurisdictions named the same, the settlement was renamed as Kennett, in honor of the mayor of the city of St. Louis, Luther M. Kennett.[8]
In the 1890s, a railroad reached the area, stimulating growth in the town. In that same period, the state began construction of a massive drainage program in the St. Francis River basin, which was floodplain and wetlands. In the 20th century, after timber clearing, the area was developed for cultivation of cotton and other commodity crops.[9]