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.
East Lansing
East Lansing is a city in the U.S. state of Michigan directly east of Lansing, the state capital. Most of the city is within Ingham County, with the rest in Clinton County. The population was 48,579 at the 2010 census, an increase from 46,420 in 2000. It is best known as the home of Michigan State University.
East Lansing was an important junction of two major Native American groups: the Potawatomi and Fox.[6] By 1850, the Lansing and Howell Plank Road Company was established to connect a toll road to the Detroit and Howell Plank Road, improving travel between Detroit and Lansing, which cut right through what is now East Lansing. The toll road was finished in 1853, and included seven tollhouses between Lansing and Howell.[7]
Michigan State University was founded in 1855 and established in what is now East Lansing in 1857. For the first four decades, the students and faculty lived almost entirely on the college campus. A few commuted from Lansing, and that number increased when a streetcar line was built in the 1890s, but there were few places to live in the then-rural area immediately around the campus.
That started to change in 1887, when professors William J. Beal and Rolla C. Carpenter created Collegeville, along what is now Harrison Road and Center and Beal Streets, north of Michigan Avenue. Few faculty were attracted to the location, and the first residents were “teamsters and laborers”.[8] In 1898, the College Delta subdivision (including what is now Delta Street) had the support of the college itself, which provided utilities, and several professors built homes there (one of which survives today at 243 W. Grand River Ave.).[9] Other subdivisions followed.
At that time, the post office address was “Agricultural College, Michigan.” A school district encompassing the nascent community was created in 1900. In 1907, incorporation as a city was proposed under the name “College Park”; the legislature approved the charter but changed the name to “East Lansing.” The first seven mayors, starting with Clinton D. Smith in 1907 and Warren Babcock in 1908, were professors or employees of the college.