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A deposit is the act of placing cash (or cash equivalent) with some entity, most commonly with a financial institution, such as a bank.. The deposit is a credit for the party (individual or organization) who placed it, and it may be taken back (withdrawn) in accordance with the terms agreed at time of deposit, transferred to some other party, or used for a purchase at a later date.
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 certificate of deposit (CD) is a time deposit sold by banks, thrift institutions, and credit unions in the United States. CDs typically differ from savings accounts because the CD has a specific, fixed term before money can be withdrawn without penalty and generally higher interest rates.
Usually, the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to the customer's order – although money lending, by itself, is generally not included in the definition.
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. [1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.
A brokered certificate of deposit is a CD account issued by banks or credit unions but sold through a brokerage firm or financial advisor, rather than from the bank itself. Brokerage firms work ...
Demand deposit account definition. A demand deposit account is another term for a checking, savings or money market account. ... when a bank or credit union is insured by the Federal Deposit ...
Deposits made to your bank account at retailers through the Green Dot Network may incur a fee of up to $4.95 per transaction. What are some other ways to deposit money at online banks?