cash account (kashakount")

1. An account of money received, paid, or on hand.2. In banking, a credit given by a bank to an amount agreed upon to any individual or house of busine on receipt of a bond with securities, generally two in number, for the repayment on demand of the sums actually advanced, with interest on each advance from the day on which it was made. Persons having such accounts draw upon them for whatever sums within their amount they have occasion for, repaying these advances as they find opportunity, but generally within short periods. Interest is charged only on the average balance which may be due to the bank. Also called bank - credit and cash - credit, cash account being more especially a Scotch name. The system of granting such credits seems to have been initiated by the Scotch banks.