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    Major Types: Deposit Account Bank Account

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    slyothers
    A deposit account is a savings account, current account, or other type of bank account that allows account holders to deposit and withdraw money. The bank records these transactions and maintains a running balance that represents the amount owed by the bank to the customer. Some banks may charge fees for deposit accounts, while others pay interest on deposited funds.

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    Major Types: Deposit Account Bank Account

    Uploaded by

    slyothers
    17 views1 page
    A deposit account is a savings account, current account, or other type of bank account that allows account holders to deposit and withdraw money. The bank records these transactions and maintains a running balance that represents the amount owed by the bank to the customer. Some banks may charge fees for deposit accounts, while others pay interest on deposited funds.

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    bank

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    Deposits

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    A deposit account is a savings account, current account, or other type of bank account that allows account holders to deposit and withdraw money. The bank records these transactions and maintains a running balance that represents the amount owed by the bank to the customer. Some banks may charge fees for deposit accounts, while others pay interest on deposited funds.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    17 views1 page

    Major Types: Deposit Account Bank Account

    Uploaded by

    slyothers
    A deposit account is a savings account, current account, or other type of bank account that allows account holders to deposit and withdraw money. The bank records these transactions and maintains a running balance that represents the amount owed by the bank to the customer. Some banks may charge fees for deposit accounts, while others pay interest on deposited funds.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    A deposit account is a savings account, current account, or other type of bank account, at a banking institution that allows money

    to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank and represents the amount owed by the bank to the customer. Some banks may charge a fee for this service, while others may pay the customer interest on the funds deposited.
    Contents [hide] 1 Major types 2 Legal framework 3 Regulatory protection 4 See also 5 References

    Major types[edit source | editbeta]


    Current accounts (Commonwealth)/Checking accounts (US) A deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts, except in the case of NOW Accounts. Money market account A deposit account that pays interest, and for which short notice (or no notice) is required for withdrawals. In the United States, it is a style of instant access deposit subject to federal savings account regulations, such as a monthly transaction limit. Savings accounts Accounts maintained by retail banks that pay interest but can not be used directly as money (for example, by writing a cheque). Although not as convenient to use as checking accounts, these accounts let customers keep liquid assets while still earning a monetary return. Time deposit A money deposit at a banking institution that cannot be withdrawn for a preset fixed 'term' or period of time. When the term is over it can be withdrawn or it can be rolled over for another term. Generally speaking, the longer the term the better the yield on the money. Call deposit A deposit account which allows to withdraw the money without penalty, mostly without notification to the bank. Often it bears favourable interest rate, but also a minimum balance to take advantage of the benefits [1]

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