An account is a record a bank keeps for a customer. It tracks deposits, withdrawals, transfers, fees, and interest. Every transaction gets logged with a date, amount, and description. The account is the foundation of the banking relationship. Without one, you cannot deposit a paycheck, pay a bill electronically, or build a credit history.

Accounts come in several types. A checking account handles frequent transactions. A savings account holds money and pays interest. A money market account combines features of both. A certificate of deposit locks funds for a set term in exchange for a higher rate. Each type has its own rules about minimum balances, withdrawal limits, and fees.

Opening an account requires identification, usually a government-issued ID, a Social Security number or tax ID, and proof of address. Banks run identity checks and screen against sanctions lists. Since the USA PATRIOT Act of 2001, these requirements have been mandatory for all U.S. banks. The process takes minutes at a branch or online.

An account is not just a storage place. It is a legal agreement. The terms and conditions spell out the bank's obligations and the customer's rights. Disputes over unauthorized transactions, overdraft fees, or account closures often turn on what that agreement says. Read it, or at least know where to find it.