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.
Huntingdon
Huntingdon is a borough in (and the county seat of) Huntingdon County, Pennsylvania, United States. It is located along the Juniata River, approximately 32 miles (51 km) east of Altoona and 98 miles (158 km) west of Harrisburg. It is the largest population center near Raystown Lake, a winding, 28 miles (45 km) long flood-control reservoir managed by the U. S. Army Corps of Engineers. The borough is located on the main line of the Norfolk Southern (formerly Pennsylvania) Railroad, in an agricultural and outdoor recreational region with extensive forests and scattered deposits of ganister rock, coal, fire clay, and limestone. Historically, the region surrounding Huntingdon was dotted with iron furnaces and forges, consuming limestone, iron ore and wood (for charcoal production) throughout the 19th century. Dairy farms dominate the local agriculture. The town is a regular stop for the Amtrak passenger service which connects Harrisburg with Pittsburgh.
Huntingdon is home to Juniata College, a private liberal arts college founded by members of the Church of the Brethren in 1876, and branch campuses of DuBois Business College and Penn Highlands Community College. In adjoining Smithfield Township (across the Juniata River) are the regional headquarters of the Pennsylvania Game Commission (Southcentral Division) and the Bureau of Forestry (Rothrock State Forest). State Game Lands 322 extends north from Huntingdon Borough in the direction of Petersburg. Public parks are the George N. Weaver Memorial Park (ball field and playground) at the end of 16th Street, Portstown Park along the Juniata River, and Blair Field bordering Standing Stone Creek. Historic Blair Park, directly across the same stream, is owned and managed by a nonprofit group; it contains a gazebo, and a level hiking and biking trail. A vintage chapel within the park is used by the congregation of Epiphany of Our Lord Orthodox Church.