CASH ACCOUNT Meaning and
Definition
-
A cash account refers to a type of financial account that enables individuals and businesses to perform various monetary transactions using physical currency like cash or checks. It provides a centralized platform for depositing, withdrawing, and managing funds in a straightforward manner. Cash accounts are offered by banks, credit unions, and other financial institutions, and they serve as a primary means for day-to-day money management.
With a cash account, users can easily deposit or withdraw cash at their convenience. Deposits usually include cash or checks received, while withdrawals authorize the account holder to remove cash or write checks against the available balance. Cash accounts are often linked to debit cards, allowing account holders to access their funds from ATMs or make purchases at points of sale.
These accounts are typically suitable for individuals who prefer to have direct and immediate control over their funds without relying heavily on credit or electronic payments. It is also advantageous for businesses that frequently handle cash transactions, such as retail establishments.
While cash accounts may lack certain features associated with credit accounts, such as overdraft protection or loan facilities, they provide an essential foundation for managing day-to-day finances and maintaining access to basic banking services.
-
In Scot., an account of advances made by a banker to a merchant or trader who has given security for the repayment of them; cash-credit, the privilege of drawing money out of a bank on security being given.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for CASH ACCOUNT
- xash account
- vash account
- fash account
- dash account
- czsh account
- cssh account
- cwsh account
- cqsh account
- caah account
- cazh account
- caxh account
- cadh account
- caeh account
- cawh account
- casg account
- casb account
- casn account
- casj account
- casu account
Etymology of CASH ACCOUNT
The term "cash account" is a combination of two words with different origins.
1. Cash: The word "cash" originated from the Middle French word "caisse", meaning "money box" or "safe". It was later adapted into Old Italian as "cassa" and then into Late Latin as "cassa", which means "chest" or "box". Over time, "cash" came to refer to money in the form of coins or banknotes.
2. Account: The word "account" has its roots in the Latin word "computare", meaning "to calculate" or "reckon". In medieval Latin, the word was further developed as "computus", referring to a calculation or record. This term was then borrowed by Old French and Middle English as "acompte" and eventually evolved into the modern English word "account", which denotes a record or statement of financial transactions.
Infographic
Add the infographic to your website:
