Define: Active Account

Active Account
Active Account
What is the dictionary definition of Active Account?
Dictionary Definition of Active Account

Active Account:

An active account refers to a financial account that is currently in use and regularly accessed by the account holder. It typically involves ongoing transactions, such as deposits, withdrawals, and transfers, indicating that the account is actively being utilized for various financial activities. Active accounts are commonly associated with banking institutions, credit unions, and other financial service providers. The account holder has the ability to manage and monitor their funds, make payments, and engage in other financial transactions through various channels, including online banking, mobile applications, and in-person visits to the bank. The status of an account as active is crucial for maintaining its functionality and ensuring that the account holder can effectively manage their financial affairs.

Full Definition Of Active Account

An active account refers to a financial account that is currently in use and has ongoing transactions or activity. It is typically associated with banking or investment accounts, such as checking accounts, savings accounts, or brokerage accounts. An active account signifies that the account holder is actively using the account for various financial purposes, such as making deposits, withdrawals, or investments. This term is important in legal contexts, as it helps determine the status and rights of the account holder, including access to funds, account statements, and other account-related services.

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This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 29th March 2024.

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  • American Psychological Association (APA):Active Account. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/active-account/
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