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.
Newark
Newark (/ˈnuː.ərk/[23] or also locally /nʊərk/[24]) is the most populous city in the U.S. state of New Jersey and the seat of Essex County.[25][26] As one of the nation’s major air, shipping, and rail hubs, the city had a population of 277,140 in 2010, making it the nation’s 67th most-populous municipality, after being ranked 63rd in the nation in 2000.[14] For 2015, the Census Bureau’s Population Estimates Program calculated a population of 281,944, an increase of 1.7% from the 2010 enumeration,[13] ranking the city the 70th largest in the nation.[27] Newark is the second largest city in the New York metropolitan area, located approximately 8 miles (13 km) west of lower Manhattan.
Settled in 1666 by Puritans from New Haven Colony, Newark is one of the oldest European cities in the United States. Its location at the mouth of the Passaic River (where it flows into Newark Bay), has made the city’s waterfront an integral part of the Port of New York and New Jersey. Today, Port Newark-Elizabeth is the primary container shipping terminal of the busiest seaport on the American East Coast. In addition, Newark Liberty International Airport was the first municipal commercial airport in the United States, and today is one of its busiest.[28][29][30]
Several leading companies have their headquarters in Newark, including Prudential, PSEG, Panasonic Corporation of North America, Audible.com, IDT Corporation, and Manischewitz. A number of important higher education institutions are also located in the city, including the Newark campus of Rutgers University (which includes law and medical schools and the Rutgers Institute of Jazz Studies); the New Jersey Institute of Technology; and Seton Hall University’s law school. The U.S. District Court for the District of New Jersey sits in the city as well. Local cultural venues include the New Jersey Performing Arts Center, Newark Symphony Hall, The Prudential Center and the Newark Museum.
Newark is divided into five political wards; the East, West, South, North and Central wards and contains neighborhoods ranging in character from bustling urban districts to quiet suburban enclaves. Newark’s Branch Brook Park is the oldest county park in the United States and is home to the nation’s largest collection of cherry blossom trees, numbering over 5,000.[31][32][33][34]