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demand deposit account

   Also found in: Acronyms, Wikipedia 0.03 sec.
demand deposit account

A checking account. One may demand payment of the money on deposit without penalty. Contrast with a certificate of deposit, in which one must pay a penalty if the money is withdrawn early.



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For example, when a customer renews a certificate of deposit or a loan, the transaction can be recorded with or without debiting and crediting the customer's demand deposit account.
By using Fair Isaac's advanced fraud analytics, the bank is now able to detect when a demand deposit account has been compromised through the online channel by recognizing suspicious movement of funds between accounts within or outside of the bank.
Offering Credit, Demand Deposit Account, Liquidity and Funding, and Safekeeping services to member financial institutions and other authorized users, Bank4Banks is a private-access, secure, transactional and informational web site.
 
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