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.
Corry is a city in northwestern Pennsylvania in the United States. With a population of 6,605 at the 2010 United States Census, it is the second largest city in Erie County. Corry is a part of the Erie, PA Metropolitan Statistical Area. The city became famous in the late-19th and early-20th centuries for being the manufacturer of Climax locomotives.
Erie County was formed from parts of Allegheny County on March 12, 1800. On May 27, 1861, tracks owned by the Atlantic and Great Western Railroad intersected with those of the Sunbury and Erie Railroad and was called the “Atlantic and Erie Junction”. Land at the junction was owned by Hiram Cory, who sold a portion to the Atlantic and Great Western in October 1861. The railroad built a ticket office at the junction and named it for Cory, but through a misspelling it became Corry.
The combination of railroad growth and the discovery of oil in nearby Titusville contributed greatly to Corry’s development. This boomtown was chartered as a borough in 1863 and designated as a city in 1866. Industry has played a big part in Corry’s growth, and the Corry Area Historical Society maintains a museum where one of the Climax locomotives (the steam engine used in logging operations that brought fame to Corry) is on display.