Account-holder

An account-holder is an individual or entity that possesses and controls a financial account, such as a bank account, investment account, or credit card account. They are responsible for the account's activity, including deposits, withdrawals, transactions, and maintaining its balance. The account-holder has the right to access and manage the funds or assets within the account, subject to the terms and conditions set by the financial institution. They are also liable for any fees, charges, or debts incurred through the use of the account. The account-holder can also receive periodic statements.

Account-holder meaning with examples

• The bank sent a notification to the account-holder regarding a suspicious transaction on their savings account. They immediately contacted the bank's fraud department to report it. The account-holder had to update their password and security questions. Their account was temporarily frozen until the investigation concluded.
• As part of the inheritance settlement, the lawyer had to verify the details of each account-holder to ensure the correct distribution of the assets. The family were provided with an updated account-holder list. This included bank accounts, investment portfolios, and property deeds to avoid any further challenges.
• After the data breach, the company notified all account-holder customers about the potential risks and offered free credit monitoring. The email explained the steps the account-holder must take to protect their personal and financial information. This included changing passwords and reviewing their account statements for any unauthorized activity.
• The credit card company provides detailed monthly statements to each account-holder, outlining all charges, payments, and the outstanding balance. The account-holder is required to review the statement and dispute any inaccuracies promptly. Failure to pay the minimum amount due could result in late fees and interest charges for the account-holder.