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.
Lafayette
Lafayette (/ˌlæfiˈjɛt/; French: [lafajɛt]) is a city located along the Vermilion River in southwestern Louisiana. The city of Lafayette is the fourth-largest in the state, with a population of 127,657 according to 2015 U.S. Census estimates.[2] It is the principal city of the Lafayette, Louisiana Metropolitan Statistical Area, with a 2015 estimated population of 490,488. The larger trade area or Combined Statistical Area of Lafayette-Opelousas-Morgan City CSA was 627,146 in 2015.[2] Lafayette is the parish seat of Lafayette Parish, Louisiana.[3] Its nickname is The Hub City.
The American city was founded as Vermilionville in 1821 by Jean Mouton, a French-speaking man of Acadian descent. In 1884, it was renamed for General Lafayette, who fought with and significantly aided the American Army during the American Revolutionary War.[4] The city’s economy was primarily based on agriculture until the 1940s, when the petroleum and natural gas industries became dominant.
Lafayette is considered the center of Acadiana, the area of Cajun and Creole culture in Louisiana and the United States. It developed following the relocation of Acadians after their expulsion by the British from eastern Canada in the late 18th century following France’s defeat in the Seven Years’ War. There is also a strong Louisiana Creole influence in the area.[5]