TRANSACTION ACCOUNT

A deposit or account from which the depositor or account holder is permitted to make transfers or withdrawals by negotiable or transferable instrument, payment order or withdrawal, telephone transfer, or other similar device for the purpose of making payments or transfers to third persons or others or from which the depositor may make third-party payments at an automated teller machine (ATM) or remote service unit, or other electronic device including by debit card. The term does not include savings deposits.