deposit account


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Related to deposit account: savings account, Demand deposit account

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 ?
Banks are generally granted the "liberty to customize their product offerings" according to their niche market or "based on the needs of the identified market" when it comes to basic deposit accounts.
If you can, keep at least three months income in a deposit account for emergencies then invest in a decent unit trust where all the gain will be yours if shares boom.
Advanced deposit accounts have annual fees and allow for more sophisticated account management with the following options: Master and sub-accounts allow funds to be deposited into a single account and to "trickle down" to multiple sub-accounts.
Many depositors at other banks canceled their time deposits and put their money into the ordinary deposit accounts of the Bank of Tokyo-Mitsubishi and whatever banks they perceive as having stronger financial health than their old banks, banking sources said.
If the account is held in the name of time joint accountholders hut with the designation "transfer on death" (TOD) preceding the names of the beneficiaries, the securities held in the account would pass to the named beneficiaries without probate in the same manner as the funds in time deposit account.
Virgin Direct has launched a base-rate tracking deposit account that promises never to pay less than one per cent below the UK base rate and to mirror base rate changes within days - and never longer than one month - of any movement.
On the other hand, the marginal cost of servicing a loan account, the elasticity of cost with respect to deposit accounts, the marginal cost of servicing a deposit account, and the overall economies-of-scale parameter decline as the number of loan accounts increases.
One approach to generating this information would require each FDIC-insured depository institution to report the following information for each deposit account:
The BSP has already released the framework for banks to offer a basic deposit account to promote account ownership among the unbanked and provide Filipinos the tool to save and transact money in a safe, convenient and affordable manner.
The waiver of insurance premium paid by banks would have been one more incentive for offering basic deposit account products.
WASHINGTON: The 2017 American Bankers Association Deposit Account Fraud Survey Report revealed America's banks prevented $9 out of every $10 of attempted deposit account fraud in 2016.
The second 18.75 per cent will be available in a savings account, earning a 7 per cent interest on an annual basis while the last 37.5 per cent will be available in an SBM term deposit account which will mature in three years earning 7 per cent interest.