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Open Account

   Also found in: Dictionary/thesaurus, Medical, Financial, Encyclopedia, Wikipedia 0.01 sec.

An unpaid or unsettled account; an account with a balance that has not been ascertained, that is kept open in anticipation of future transactions. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyer's credit. A contractual obligation that may be modified by subsequent agreement of the parties, either by expressed consent or by consent implied from the conduct of the parties, provided the agreement changing the contractual obligation is based upon independent consideration.
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In the old days, stores would keep open accounts, or tabs, for their customers.
The Literature of Credit Cards by DEEPAK / Banking, finance and accounting community
Some banks will open accounts for teens with two forms of ID; some require a co-signing adult to be the responsible party for the account.
Choosing Checking Accounts for Teenagers by Lynn Stewart / Finance and Investment community
Two offices will provide privacy for members wishing to open accounts, secure financing, or learn more about mortgage programs or business services.
Black Hills Federal Credit Union by Credit Union Times
 
 
 
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