And unlike America, Germany is a supplier of global credit: its current-account surplus was a hefty 7.7% of GDP last year, according to the OECD.

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As long as the account is open and in good standing (which it will be if your balance is zero), you will be reported to the credit bureaus as current on the account each month.

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One is the rise of the debit card, which takes payment directly from the customer's current account and is less lucrative for banks than credit, because transaction fees are lower and there is no opportunity to earn interest.

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Eventually all 400 credit unions could provide a full current account service to 400, 000 members.

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"HSBC, NatWest and RBS will only offer new credit cards or unsecured loans to their current account customers, " he said.

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An overvalued stockmarket, a credit-driven consumer-spending boom and a current-account deficit all point to the same conclusion: that America's expansion is unsustainable.

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It took years for me to agree to have a joint checking account with my current husband, and I still have my own checking and savings accounts, as well as credit cards in my own name.

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