transaction account

  

Definition

Deposit account from which its holder can make withdrawals or make transfers to third parties through checks, drafts, online transfers, etc.

Use transaction account in a sentence

  • The transaction account was used in the contract as transferring funds from our other accounts would be sub-optimal according to our accounting department.

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  • You should always know what is going on in the transaction account so that you are up to speed on your finances.

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  • The Chief Financial Officer had to make sure that sufficient funds were available in the transaction account before making an offer on the new building.

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