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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.
Thus, when the customer makes a deposit, the bank credits the account (increases the bank's liability). At the same time, the bank adds the money to its own cash holdings account. Since this account is an Asset, the increase is a debit. But the customer typically does not see this side of the transaction. [18]
In accounting, a down payment (also called a deposit in British English) is an initial up-front partial payment for the purchase of expensive goods or services such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction .
A traditional or fixed-rate CD is a deposit account that provides a fixed interest rate for a specific term that can range from a few months to five years or more. Traditional CDs are the most ...
Yes, most banks allow you to directly deposit your paycheck into a savings account. In some cases, you may be able to split your earnings into two accounts: checking and savings.
A demand deposit is a deposit that can be withdrawn or otherwise debited on short notice. Transaction accounts (known as "checking" or "current" accounts depending on the country) can be used to pay other parties, while savings accounts are typically payable only to the depositor or another bank account, and may have limits on the frequency of withdrawal.
Deposits made to your bank account at retailers through the Green Dot Network may incur a fee of up to $4.95 per transaction. What are some other ways to deposit money at online banks?
A fixed deposit (FD) is a tenured deposit account provided by banks or non-bank financial institutions which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account. The term fixed deposit is most commonly used in India and the ...