Open Account

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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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
In addition, customers who open accounts through D-Bank can also be served and enjoy various products, services and features at any branch of Bank Danamon.
But while "most advisors" use some type of automated process to open accounts "few can boast true straight-through processing across all delivery channels and account types," Aite found.
Some college agreements cover other financial products, for example, and not all who open accounts are students.
A statement for the Central Bank of Iraq cited that: "The Board of Directors, in its meeting yesterday, decided to let money transfer companies to open accounts in the Bank directly deal with both / Iraqi dinar and dollar / to carry out the purchase of foreign currency."
Under Swiss rules, banks have to pay particular attention to people in high office, known as politically exposed persons (PEPs), when they open accounts. The rules, which also cover family members and associates of such people, are aimed at avoiding money laundering or other crimes.
More than 2,800 tenants of the Walsallbased social housing provider will be affected by new rules on housing benefit payments and whg is offering incentives to customers to open accounts with the credit union.
For instance, at present, although offshore banking units (OBU) can undertake renminbi-related businesses, domestic legal entities and individuals cannot open accounts at OBU.
New website allows users to open accounts through a simple online application process Alinma Bank has relaunched its website with what it claims are a range of enhancements that leverage the latest internet banking technologies "in order to provide bank partners (clients) with a streamlined user experience.
About half of those polled had been selling on open accounts, but that is expected to shrink significantly.
Osama Osman, a professor of finance and economy at King Fahd University of Petroleum and Minerals, said the banks would increase their financial reserves when they open accounts for the Hafiz beneficiaries to receive their monthly payments.
KARACHI, August 30, 2011 (Balochistan Times): The State Bank of Pakistan (SBP) has allowed banks and Development Finance Institutions (DFIs) to open accounts on the basis of National Database and Registration Authoritys (NADRA) receipt/token in case of expired Computerized National Identity Cards (CNICs).
Among the findings of the report are the increase in open accounts since HSAs were introduced in 2004, the average age of HSA policyholders, and the nature of the open accounts.