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A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts , current accounts or any of several other types of accounts explained below.
The deposit account is a liability of the bank and an asset of the depositor (the account holder). On the other hand, a bank can lend some or all of the money it has on deposit to third parties. Such accounts, generally called loan or credit accounts, are subject to similar but reverse principles of a deposit account.
From the point of view of depositors, "Investment accounts" of Islamic banks—based on profit and loss sharing and asset-backed finance—resemble "time deposits" of conventional banks. (For example, one Islamic bank—Al Rayan Bank in the UK—talks about "Fixed Term" deposits or savings accounts). [167]
In exchange for locking away your money, time deposit accounts often pay higher yields than demand deposit accounts. A certificate of deposit (CD) is an example of a time deposit account. CDs come ...
More Ways To Deposit Money Into Your Bank Account. Standard in-branch, ATM and mobile deposits aren’t your only options for depositing money. Here are some alternatives that are available.
In financial transactions, a warrant is a written order by one person that instructs or authorises another person to pay a specified recipient a specific amount of money or supply goods at a specific date. [1]