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account, current account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder.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 represent the amount owed by the bank to the customer. Some banks charge a fee for this service, while others may pay the customer interest on the funds deposited.
Read more about Deposit Account: Major Types, Legal Framework, Regulatory Protection
Famous quotes containing the words deposit and/or account:
“A real life, a life that leaves a deposit in the shape of something alive.... It’s difficult to say what makes a life a real life.... You could also say it depends on a person being identical with himself.”
—Max Frisch (1911–1991)
“Principles aren’t of much account anyway, except at election time. After that you hang them up to let them season.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)