Advance Deposit Account

Advance Deposit Account

An account a person or company may maintain with the U.S. Postal Service. The account holder deposits funds into the account periodically, and the Postal Service deducts from those funds when the account holder needs to mail something. This can expedite the shipping process.
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While some TSOs routinely permit transfers from the advance deposit account and do not assess a penalty for the late remittance where such an amount is used to satisfy a payroll tax obligation, TEI members report that at least one TSO requires a written request for the transfer of the advance deposit before the due date of the payroll remittance.
Mahmoud Halawa, executive vice president & head of business groups of UNB said, 'The Interest in Advance Deposit Account has been introduced to provide our customers with an attractive value-addition and is in line with our philosophy of being 'the bank that cares'.
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