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.
Waco
Waco (/ˈweɪkoʊ/ way-koh) is a city which is the county seat of McLennan County, Texas, United States.[3] It is situated along the Brazos River and I-35, halfway between Dallas and Austin. The city had a 2010 population of 124,805, making it the 22nd-most populous city in the state.[4] The US Census 2015 population estimate is 132,356.[5] The Waco Metropolitan Statistical Area consists of McLennan and Falls Counties, which had a 2010 population of 234,906.[6] Falls County was added to the Waco MSA in 2013. The US Census 2016 population estimate for the Waco MSA is 265,207.[7]
Indigenous peoples occupied areas along the river for thousands of years. In historic times, the area of present-day Waco was occupied by the Wichita Indian tribe known as the “Waco” (Spanish: Hueco or Huaco).
In 1824, Thomas M. Duke was sent to explore the area after the Waco people tried to defend themselves and their lands from settlers. His report to Stephen F. Austin, described the Waco village:
After further violence due to settler incursion, Austin halted an attempt to destroy their village in retaliation. In 1825, he made a treaty with them. The Waco were eventually pushed out of the region, settling north near present-day Fort Worth. In 1872, they were forced onto a reservation in Oklahoma with other Wichita tribes. In 1902, the Waco received allotments of land and became official US citizens. Neil McLennan settled in an area near the South Bosque River in 1838.[8] Jacob De Cordovabought McLennan’s property[9] and hired a former Texas Ranger and surveyor named George B. Erath to inspect the area.[10]In 1849, Erath designed the first block of the city. Property owners wanted to name the city Lamartine, but Erath convinced them to name the area Waco Village, after the Indians who had lived there.[11] In March 1849, Shapley Ross built the first house in Waco, a double-log cabin, on a bluff overlooking the springs. His daughter Kate was the first settler child to be born in Waco.[12]