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.
Shillington
Shillington is a borough in Berks County, Pennsylvania, United States with a population of 5,273 at the 2010 census[1] nestled amongst other suburbs outside Reading. It is perhaps best known for being the location of the Homestead to Pennsylvania’s First Governor, Thomas Mifflin.[2]
Shillington began in 1860 as part of Cumru Township, when local landowner and borough namesake Samuel Shilling sold some of his lots for residences. The area had an inn, originally built in 1762, called the Three Mile House because it was 3 miles (5 km) from Reading on the Lancaster Pike. The inn was a popular stop for farmers going to the city’s markets, and later it sat near a horse racing track built by Aaron Einstein in 1868. A post office opened in Shillington in 1884. On August 18, 1908, the Quarter Session Court officially incorporated the borough of Shillington as a separate municipality from Cumru Township with a population of 450.[3]Later that year Shillington elected its first official, Adam Rollman, as chief burgess. Borough council meetings were held in various locations over the years until the present town hall was completed in 1932.[3]