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 represents their financial position with the institution..
In accounting terms, the bank creates ("opens") an account in the name of the depositor or a name directed by the depositor in which the amount received is recorded as a transaction.
They may specify who may open an account, for example, how the signatories can identify themselves, deposit and withdrawal limits among other specifications.
The minimum age for opening a bank account is most commonly 18 years.
Each financial institution has its own names for the various accounts it offers to customers, but these can be categorised as: