Definition : Bank account

Account opened by a financial institution in the name of the syndicate of co-owners to deposit in particular the sums of money relating to the contribution of the co-owners to the common expenses and to allow their entries and exits to be recorded. The syndicate may hold various bank accounts, depending on the expectations of the syndicate (e.g. current account or savings account). In order to avoid confusion between the sums paid into the administration fund (which is intended for current operations), the contingency fund and the self-insurance fund, a separate bank account should be opened for each of them.