ECONOMICS
BUDGETING
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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withdrawal
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debt
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deposit
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income
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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: -At the moment of deposit, the funds become the property of the depository bank. Thus, as a depositor, you are in essence a creditor of the bank. Once the bank accepts your deposit, it agrees to refund the same amount, or any part thereof, on demand.
Detailed explanation-3: -Banks allow people to deposit their money as savings. These savings earn them a small interest when withdrawn. The deposits made can be withdrawn at any time. This is called demand deposit.
Detailed explanation-4: -When you make a deposit, you can use that money to withdraw cash, write checks or make a purchase. M&T Bank offers several options to make a deposit: at a bank branch, at an ATM, through mobile deposits, or direct deposit funds into your account.