Identification

• A number of bank accounts can be opened with a minimal deposit. You will need the appropriate identification according to the banks requirements.
  
  

Function

• If you use a bank account, there will be a record of all of your financial transactions. You can make withdrawals and deposits into your account. A bank account helps you manage your money. You can receive direct deposit transactions and have payments taken out automatically.
  
  

Restrictions

• Some bank accounts require you to keep a minimum balance; otherwise you will be charged a fee for every month that your balance is below the required level.
  
  

Benefits

• Certain bank accounts pay interest, and some accounts will pay more interest if you keep a larger balance on deposit with the bank.
  
  

Statements/Online

• Statements are mailed to customers that outline all of the transactions that have taken place for a specific period of time, usually a statement or billing cycle. Many banks allow you to review your bank account online. You can review all of your transactions for the entire current statement cycle.
  
  

Types

• There are several types of bank accounts, such as checking, savings, certificate of deposits, (CD), and money market accounts.