bank account

Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now
A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as deposit accounts, credit card accounts, current accounts, loan accounts or many other types of account. A customer may have more than one account. Once an account is opened, funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer. Funds can be withdrawn from loan accounts.
The financial transactions which have occurred on a bank account within a given period of time are reported to the customer on a bank statement, and the balance of the accounts of a customer at any point in time is their financial position with the institution.

View More On Wikipedia.org
Recent contents
  1. M

    WA Dealing with AVO and Visitation Rights While Overseas?

    Hi all I am happy to have found these forums as I am really in need of some help. For many years, my ex and I did not get along well. She always told me she didn't love me anymore, etc and we lived in different rooms at stages but stayed together for the sake of our two primary school aged...
    • Mark Tee Kay
    • Thread
    • alcohol avo credit rating drugs legal aid mortgage school visitation rights
    • Replies: 20
    • Forum: Family Law Forum
  2. T

    QLD A Big Bank Breaches Rules to Avoid Liability?

    A big bank accepts transactions without using correct security protocol informing account holder of terms or advise or security that is required and relevant. The funds in question are more than 160000. The bank was informed prior to the completion of these transactions when the bank account...
  3. mkr

    VIC Fraudulent Transactions by Hotel with Visa Card - Options?

    Hi there, I recently checked my bank account and spotted a string of transactions 'pending' to a Hotel in PNG. I had not been in PNG for 18+ months, and the card used had been issued to me since that time. I still had the Card in my possession. In the week prior, there were near $2000 worth of...
  4. S

    VIC Debt Collectors Chasing Me for Deceased Brother's Debt?

    Hi, I have recently been contacted by a debt collector trying to recover a credit card debt my brother had. My brother was not born in Australia. We grew up in Australia, but he moved to Malaysia about 12 years ago, and has lived there since. He did have an Australian bank account and credit...
  5. S

    VIC Managing Property Assets as a De Facto Couple?

    My partner and I are a registered de facto couple. My partner already owns a property where we currently live. We were advised to only put a new house we want at auction in my name as I'm a first time buyer. Is this correct? We aim to each contribute 50:50 to the home loan so ultimately we...
  6. D

    NSW Constitution - Use of Shortened Name on Legal Documents?

    Hi there, I have a situation whereby a Unit Trust Deed (for which the trustee is a company) was signed by the directors of the trustee company. One of the directors was listed using a shortened name (e.g Ben instead of Benjamin, Mick instead of Michael). The director isn't one of the unit...
  7. JessicaJones

    QLD What Happens to Joint Savings Account After Divorce?

    What happens to the money in our joint savings account if I want to get divorced? We are married out the community of property without the accrual. I am worried that my wife will just transfer all the money in the account to her personal bank account once I approach the subject of divorce.
  8. T

    VIC Bank Account withdrawn

    Hi A bank account was opened by their Father & Mother, for their 3 children, one of the siblings was set up as the main account holder for tax reasons, other siblings names where also included on the account including the Mum & Dad as POA. The account recently was completely withdrawn, which was...
  9. T

    VIC Sold Car Privately - Buyer Threatening Legal Action?

    3 days ago, I sold my car privately to a person who lives roughly 200 kilometers away. The buyer came 6 weeks ago to test-drive the car and to check it out. I wasn't at home so my wife gave him the keys and answered the questions. My wife asked the buyer how he went with driving the car and if...
  10. P

    QLD Bank Account - Finance Company Refusing Other Forms of Payment?

    I have a final notice from a finance company threatening enforcement. However I asked for a bank account I could pay the funds into. This is what they saidL "The system does not accept any direct credit payments for arrears, as such can you please advise what alternative bank account number...
Top Bottom