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job seeker's allowance (J6)<br />A welfare payment to an unemployed person. It can be related to income and savings, or to accumulated contributions. This was introduced in the UK in October 1996 in succession to unemployment benefit and income support. It is so called because the qualification for being an unemployed member of the labour force, rather than a non-participant, is job search activity.
checking account (G2)<br />A US commercial bank deposit available for immediate use by the writing of a check (cheque). These deposits are part of the Ml money supply: until 1980 they did not bear interest. In the UK, they are known as CURRENT ACCOUNTS.<br /><em>See also:</em> Depository Institutions Deregulation and Monetary Control Act 1980; NOW account
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