Bank Account

Bank Account
UML Class Diagram Example

This is an example describing some types of Bank Accounts using UML generalization sets.
Bank accounts could be grouped into UML generalization sets based on different criteria.
Example diagram below shows bank accounts split by liability type and account type. These two
orthogonal dimensions also have corresponding power types - LiabilityType and AccountType.
Bank account could be used either for personal or for business purposes. To show that it
assumes complete coverage and there is no overlapping, we have liability type constraints shown
as {complete, disjoint}.
Note, that business owners still may use a personal bank account for their business purposes but
it is not recommended primarily because it can affect legal liability of business owner. From the
bank's point of view, e.g. when opening an account, these two are two different kinds of
accounts.
Another classification of bank accounts is based on related options and features and is shown
below as account type generalization set. To show that it this set is incomplete but still there is
no overlapping, we have account type constraints shown as {incomplete, disjoint}.
Note, that it is possible to have bank accounts with different combinations of account liability
and account type, for example, personal savings account or business money market account.
Bank account taxonomy UML class diagram example with generalization sets and power types.
The purpose of savings account is to allow us to save money. Account holder can make some
limited number of deposits and withdrawals per month, while account provides no checks. Bank
usually pays interest rate that is higher than that of a checking account, but lower than a money
market account or CDs.
A checking account is a bank account that uses checks as a way to withdraw or transfer
money from the account - pay bills, buy items, transfer or loan money. Usually banks allow
account holders to make withdrawals and deposits through automatic teller machines
(ATM). Basic checking accounts, sometimes called No frills accounts, offer a limited set of
services. They usually do not pay interest, have lower required minimum balance, may restrict
writing and/or depositing more than a certain number of checks per month. Checking
accounts with interest have higher required minimum balance but pay interest (based on the
average balance maintained), and usually offer a better services, like allowing to write unlimited
number of checks. These accounts are sometimes referred to as negotiable order of withdrawal
(NOW) accounts.
Money market account or money market deposit account (MMDA) pays interest at a higher
rate than the rate paid on savings or checking accounts with interest. Market accounts usually
require a higher minimum balance for the account to start earning interest, as compared to
checking or savings account. Fund withdrawals allowed per month are very limited.
Certificates of deposit (CDs) also known as time deposits are bank accounts that require
the account holder to make a relatively large deposit and leave funds in the account for some
agreed amount of time, usually several months or years. There is a penalty for early withdrawal
of funds. Because of these restrictions, the interest paid on a CD is usually higher than the
interest paid with other types of bank accounts.
Two special cases shown on this UML diagram are Children's Savings Account and Health
Savings Account (HSA). These two accounts are both Personal Accounts as well
as Savings Accounts. It is shown as multiple inheritance.
Children's Savings Account is a personal savings account that allows children to learn about
money savings, interest rates and see what this means in relation to their savings. Some banks
require some monthly fee or minimum balance and could charge fees, if an account is inactive or
there are too many small deposits.
Health Savings Account (HSA) is a personal savings account that allows individuals covered
by high-deductible health plans to receive tax-preferred treatment of money saved for future
medical expenses.

Bank Account

Uploaded by

Copyright:

Available Formats

Bank Account

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Bank Account

Uploaded by

Copyright:

Available Formats

Bank Account

UML Class Diagram Example

You might also like

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.