JPM’s bank account at JPM is: * an asset for the account holder, i.e JPM, and * a liability for the bamk, i.e. JPM, so one can cancel them out. As a matter

JPM’s bank account at JPM is: * an asset for the account holder, i.e JPM, and * a liability for the bamk, i.e. JPM, so one can cancel them out. As a matter of fact banks have accounts for themselves, to facilitate administration and accounting for departments/branches/etc, but these accounts have, from an accounting point ov view, essentially no effect.