BANKING AFFAIRS

Detailed explanation-1: -A deposit is essentially your money that you transfer to another party, such as when you move funds into a checking account at a bank or credit union. In the case of depositing money into a bank account, you can withdraw the money at any time, transfer it to another person’s account, or use it to make purchases.

Detailed explanation-2: -A checking account is a type of deposit account that can be opened at a bank or credit union, allowing you to deposit and withdraw money quickly.

Detailed explanation-3: -A deposit is a transfer of funds to another party, such as a bank, for safekeeping or funds used as collateral for a loan. Here’s how it works. more. Checkable Deposits. Checkable deposits consist of any demand deposit account against which checks or drafts of any kind may be written.

Detailed explanation-4: -A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution.