Definition of general account

1. general ledger account for assets or liabilities other than accounts of bank customers, such as loans and deposits.
2. Federal Reserve term for brokerage accounts subject to Regulation T margin requirements, which regulates broker loans for purchase or short sale of securities. The Fed requires that broker loans secured by marginable stock be made from this account. See also Treasury General Account.

Federal Reserve Board term for brokerage customer margin accounts subject to Regulation T, which covers extensions of credit by brokers for the purchase and short sale of securities. The Fed requires that all transactions in which the broker advances credit to the customer be made in this account.