Open Account

(redirected from Open Accounts)
Also found in: Dictionary, Thesaurus, Financial.

Open Account

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.

References in periodicals archive ?
16 /PRNewswire/ -- As global trade increases, letters of credit continue to be a dominant method for managing trade, but other methods -- particularly open account transactions -- are growing rapidly, according to a new survey report issued by the Association for Financial Professionals (AFP).
Prosecutor Suzanne Thomas said, 'Bertrand used false documents in order to open accounts.
Samantha, 29, and her boyfriend Mark Davis, 24, went to Aberdeen and needed to open accounts in order to get jobs and somewhere to live.
An FSC official noted that the FSC permitted domestic parent banks to help local people open accounts at mainland Chinese and Hong Kong branches last December for the purpose of credit extension.
With the exception of passports, no other foreign-issued ID is accepted by Bank of America or Wells Fargo to open accounts.
In particular, technology platforms that help companies automate and manage open accounts and vendor early-payment programs are receiving high attention.
Bank accepts the Individual Taxpayer Identification Number (ITIN), which makes it easier for individuals with non-resident status to open accounts.
Bank was one of the first financial institutions in America to accept the Matricula Consular as a form of identification along with the Individual Taxpayer Identification Number (ITIN), which makes it easier for individuals with non-resident status to open accounts.
Customers with active open accounts pay no fees to wager and no subscription fees for their accounts.
Lenders may see open accounts that aren't being used as a risk that you could go on a spending spree and overextend yourself.
Efficiency - Curian is a Web-based, paperless solution with online proposal and account opening processes that create the ability to open accounts in a matter of hours instead of days or weeks.
Grandparents and family friends can also open accounts, regardless of income, for as little as $25 ($15 for employer payroll deduction accounts), and five investment choices are offered.