deposit account

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Bank Account

An agreement between a bank and a person or institution, whereby the bank agrees to hold money and/or other assets on behalf of the other party. What the holder may do with those assets depends upon the nature of the account. In a checking account or a savings account, the bank holds money and pays the client a certain percentage in interest. This payment gives the bank the right to lend the money to other clients or invest it within the confines of law and banking regulations. However, the client has the right to withdraw the total amount of money on demand.

deposit account

see COMMERCIAL BANK.

deposit account

or

time account

or

savings account

an individual's or company's account at a COMMERCIAL BANK into which the customer can deposit cash or cheques and from which he or she can draw out money subject to giving notice to the bank. Deposit accounts (unlike CURRENT ACCOUNTS, which are used to finance day-to-day transactions) are mainly held as a form of personal and corporate SAVING and used to finance irregular ‘one-off payments.
References in periodicals archive ?
The data on fees for deposit accounts present a mixed picture, with charges up sharply over the five years for some types of accounts but not others.
The first step in performing the discounted cash flow analysis of the core deposit intangible asset is to estimate the number of surviving core deposit accounts in future years.
The special 11-month, 7-month and 4-month fixed deposit account initiative reflects Bangkok Bank s on going consumer banking expansion strategy.