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 history of West Plains can be traced back to 1832, when settler Josiah Howell (after whom Howell County is named) created the first settlement in the region known as Howell Valley. West Plains was so named because the settlement was on a prairie in a westerly direction from the nearest town, Thomasville.
The Courthouse Square Historic District, Elledge Arcade Buildings, International Shoe Company Building, Mount Zion Lodge Masonic Temple, W. J. and Ed Smith Building, and West Plains Bank Building are listed on the National Register of Historic Places.