A bank account is a financial record that tracks transactions between a customer and a financial institution, offered in various forms such as deposit, current, savings, and loan accounts. A crucial legal detail is that funds deposited become the bank's property, with the customer acquiring a claim for that specific amount against the bank. Financial institutions set the terms and conditions for each account type, forming a contract with the customer upon opening, typically requiring individuals to be at least 18 years old (though sometimes 16 or for minors operated by guardians) and provide proper identification. Accounts can hold a positive (credit) balance, meaning the bank owes the customer, or a negative (debit) balance, where the customer owes the bank. All financial activity and the current balance are periodically detailed in a bank statement, providing customers with an overview of their standing.