Bank account type

Bank account type indicates the different types of bank accounts captured from documents.

Code	Description
SAVINGS	A deposit account held at a financial institution that provides principal security and a modest interest rate.
CHECKING	A type of bank account that allows for easy access to funds for daily transactions, such as deposits, withdrawals, and direct payments.
CREDITCARD	A financial tool issued by banks and financial institutions that allows users to borrow funds for purchases or cash advances, with the expectation of paying back the borrowed amount along with any applicable interest.
SWEEP	A financial arrangement where funds automatically transfer from a primary account into a higher-interest account to optimize interest earnings while maintaining liquidity.
IOLTA	An IOLTA (Interest on Lawyers Trust Account) is a special type of account used by lawyers to hold client funds separately from their own, with interest earned on these accounts typically used to fund legal aid and other public interest programs.
RESERVE	A reserve account type is a specific category or classification of reserve accounts used in accounting and finance. Reserve accounts are funds set aside by an organization for specific purposes, such as emergencies, future expenses, or to meet regulatory requirements.
CASH MANAGEMENT	A cash management bank account type is a specialized offering provided by financial institutions to assist businesses in efficiently managing their cash flows. These accounts typically offer features beyond standard checking or savings accounts, including higher transaction limits, sweep services to maximize returns on idle cash, zero balance accounts (ZBA) for automatic fund transfers, cash concentration services to consolidate funds from multiple accounts, and automated cash forecasting tools for better planning.