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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.
A demand deposit is a deposit that can be withdrawn or otherwise debited on short notice.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.
A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee's bank account.Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' accounts, but the facility can be used for payments for any purpose, such as payment of bills, taxes, and other government charges.
Direct deposit is a payment option where your funds are electronically transferred to your checking or savings account, eliminating a need for physical checks.
Time deposit accounts such as CDs aren’t the right place for an emergency fund, since you’ll likely pay an early withdrawal penalty if you need access to the money before the term expires ...
Spend money, pay bills, write checks or make fund transfers with a checking account. ... it can pay to find a checking account at a bank that offers mobile check deposit, online bill pay and a ...
Deposit may refer to: Deposit (finance) (also security deposit) A down payment or partial payment in advance; Deposit (town), New York; Deposit (village), New York; Deposit account, a bank account that allows money to be deposited and withdrawn by the account holder Demand deposit, the funds held in demand deposit accounts in commercial banks
A certificate of deposit — or CD — is a type of deposit or savings account that allows you to grow your savings at higher rates of return than a traditional savings account.