money-management account combining an array of investment services with convenient access by check writing, credit or debit card, and a combined statement of financial position. Bank sponsored accounts are usually built around a checking or NOW account, and allow securities buying.
account at a brokerage house, bank, or savings institution that combines banking services like check writing, credit cards, and debit cards; brokerage features like buying securities and making loans on margin; automatic investment of overnight funds; and the convenience of having all financial transactions listed on one monthly statement. Such accounts are also termed central asset accounts and are known by such proprietary names as the Cash Management Account (Merrill Lynch), Active Assets Account (Morgan Stanley Dean Witter), or Schwab One Account (Charles Schwab).
