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.
Murfreesboro is a city in and the county seat of Rutherford County, Tennessee. The population was 108,755 according to the 2010 census, up from 68,816 residents certified in 2000. In 2015, census estimates showed a population of 126,118.The city is the center of population of Tennessee and is part of the Nashville metropolitan area, which includes thirteen counties and a population of 1,757,912 (2013). It is Tennessee’s fastest growing major city and one of the fastest growing cities in the country. Murfreesboro is also home to Middle Tennessee State University, the largest undergraduate university in the state of Tennessee, with 22,729 total students as of fall 2014.
In 1811, the Tennessee State Legislature established a county seat for Rutherford County. The town was first named “Cannonsburgh” in honor of Newton Cannon, then Rutherford County’s member of the state legislature, but it was soon renamed “Murfreesboro” for Revolutionary War hero Colonel Hardy Murfree. Author Mary Noailles Murfree was his great-granddaughter.
As Tennessee settlement expanded to the west, the location of the state capital in Knoxville became inconvenient for most newcomers. In 1818, Murfreesboro was designated as the capital of Tennessee. Eight years later, however, it was itself replaced by Nashville.