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Zero balance account (ZBA) |
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Zero balance account (ZBA)A checking account in which zero balance is maintained by transfers of funds from a master account in an amount only large enough to cover checks presented.Zero balance account (ZBA) Similar MatchesAccount payeeAccount payeeAlso 'account payee only'. Words written on the face of a cheque between two parallel diagonal lines. The purpose is to ensure that the cheque may only be paid into an account in the name of the payee, that is the person to whom the cheque is made payable. This means that the payee cannot sign it in favour of another person. Current accountCurrent accountA bank account which offers a number of facilities including cheque book for debt settlement, deposits, direct debits and where applicable, overdrafts. This type of account is normally used for ongoing transactions (for example monthly direct debits and writing of cheques etc.) as opposed to a deposit account.A balance of payments account listing transactions other than capital movement.An account listing transactions between trading companies. Tax Exempt Special Savings AccountTax Exempt Special Savings AccountA five year tax free savings scheme for people aged 18 and over, introduced by the government in January 1991 and operated by banks and building societies, but terminated in 1999.The maximum amount which could be paid into such schemes over the five year life of the TESSA was £9,000 according to the following schedule:1st year, £3,0002nd year, £1,8003rd year, £1,8004th year, £1,8005th year £600TESSAs were discontinued on 5th April 1999 although those taken out before then are allowed to run their full five year term. If you own a TESSA, you can do three things with it when it matures:You can withdraw the interest and capital free of tax, and either spend it or invest it elsewhere.You can move the capital into a 'Matured TESSA Account'. The interest earned in the account after the maturity date will be taxable.You can move the capital (but not the income) into an ISA account where it can continue to grow tax free. It can either be paid into a special Tessa-only ISA account (a TOISA) or it can be paid into a cash only mini ISA. The move has to be made within 6 months of the maturity of the TESSA. Managed accountManaged accountAn investment account, managed by the investment department of a bank for a client. Special bond accountSpecial bond accountA special broker margin account used only for transactions in US government bonds, municipals, and eligible listed and unlisted non-convertible corporate bonds. Further SuggestionsI Impound Accounthomeowners equity account Capital account Generally Accepted Accounting Principles (GAAP) IRA (individual Retirement Account) personal accounts Individual Savings Account share account Asset management account Mixed account Purchase accounting Growth accounting Capital Builder Account (CBA) TT&L account Current account deficit loan account cheque account Regulatory accounting procedures (RAP) Cash account Accounting insolvency Cost accounting Account Management Profile System Account Ad Valorem Duty current cost accounting Account statement |
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