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.
Yuma
Yuma (Cocopah: Yuum) is a city in and the county seat[4] of Yuma County, Arizona, United States. It is located in the southwestern corner of the state, and the population of the city was 93,064 at the 2010 census, up from the 2000 census population of 77,515.[2]
Yuma is the principal city of the Yuma, Arizona Metropolitan Statistical Area, which consists of Yuma County. According to the United States Census Bureau, the 2014 estimated population of the Yuma MSA is 203,247.[5] More than 85,000 retirees make Yuma their winter residence.[6]
The area’s first settlers for thousands of years were Native American cultures and historic tribes. Their descendants now occupy the Cocopah and Quechan reservations.
In 1540, Spanish colonial expeditions under Hernando de Alarcon and Melchior Diaz visited the area and immediately recognized the natural crossing of the Colorado River as an ideal spot for a city. The Colorado River narrows to slightly under 1,000 feet wide in one area. Military expeditions that crossed the Colorado River at the Yuma Crossing include Juan Bautista de Anza (1774), the Mormon Battalion (1848) and the California Column (1862).
During and after the California Gold Rush to the late 1870s, the Yuma Crossing was known for its ferry crossings for the Southern Emigrant Trail. This was considered the gateway to California, as it was one of the few natural spots where travelers could cross the otherwise very wide Colorado River.