Sub account

Sub account,

Definition of Sub account:

  1. A sub account is a segregated account nested under a larger account or relationship. At the most basic level, a sub account can be thought of as an account within an account.

  2. A sub account is spawned from and linked to a primary account. These separate accounts could house data, correspondence, and other useful information or contain a balance of funds that are kept under safekeeping with a bank.

  3. Segregated account maintained under a safekeeping agreement with a bank. Funds in a sub account can only be used according to the terms of the agreement, and may not be used to setoff the accountholders any loan with the bank.

How to use Sub account in a sentence?

  1. Common uses include compartmentalizing financial goals, organizing company accounts, or investing retirement money in mutual funds.
  2. Each sub account is created for a specific purpose and might only be accessible to a particular person.
  3. A sub account is a segregated account nested under a larger account or relationship.
  4. These separate accounts may house data, correspondence, and other useful information or contain funds that are kept under safekeeping with a bank.

Meaning of Sub account & Sub account Definition