A book held by a depositor in which his or her deposits and withdrawals are recorded by the bank. Money given in advance to show intention to complete the purchase of a property. Banks use the money they hold to finance loans, which they make to businesses and. Time deposits generally refer to savings accounts or certificates of deposit, and banks and financial institutions usually require 30 days notice for withdrawal of these. Bank an institution that provides a great variety of financial services. When you place your money into a bank deposit, the bank will take your funds and make loans. But, surprisingly, much of the world views that money creation only occurs with the deposit into a bank account.
The target bank account for the bank deposit can be any kind of account that accepts deposits. Search net deposit and thousands of other words in english definition and synonym dictionary from reverso. This document can be checked against the bank statement to see if the transactions are correct. Most bank deposits are insured by organizations like the fdic to reduce their risk. Let us help take the hassle out of bank visits by setting your business up with the right checking deposit slips. Interest rate paid by a depository institution on the cash on deposit. A cash book is a financial journal that contains all cash receipts and payments, including bank deposits and withdrawals. Information and translations of bank book in the most comprehensive dictionary definitions resource on the web. Information about deposit in the dictionary, synonyms and antonyms. Deposit definition and meaning collins english dictionary. Bank of deposit definition is a bank that receives money for safekeeping. Wikipedia, lexilogos, oxford, cambridge, chambers harrap, wordreference, collins lexibase dictionaries, merriam webster. In deposit terminology, the term call deposit refers to a specific type of interest bearing investment account that allows a person to withdraw their money from the account without a penalty. Bank deposit definition and meaning collins dictionary.
A deposit is a sum of money which is part of the full price of something, and which you pay when you agree to buy it. Dictionary term of the day articles subjects businessdictionary. Bank deposit method of proving unreported income this is a method used by the irs to probe for income and is one of the favorite indirect methods of proving unreported income. Journal in which all cash receipts and payments including bank deposits and withdrawals are recorded first, in chronological order, for posting to general ledger. Just try to make a cash deposit to your bank account. One definition of deposit refers to when a portion of funds is used as security or collateral for the delivery of goods or services.
Jan 30, 2020 a deposit is a financial term with multiple definitions. Definition of deposit when banks and credit unions refer to deposits, they are talking about the money in your accounts, which. The initial deposit required to open an account is a minimum 100 dollars. An institution, generally incorporated, authorized to receive deposits of money, to lend money. Entries in the cash book are then posted into the general. Deposit article about deposit by the free dictionary. Irs tallies up the deposits made in a persons bank accounts and compares the total with the reported income.
Bank deposits are the large part of the money supply. A deposit is a financial term with multiple definitions. Definition of bank book in the medical dictionary by the free dictionary. Bank deposit legal definition of bank deposit legal dictionary. Bank depository definition of bank depository by the. At their most basic, banks hold money on behalf of customers, which is payable to the customer on demand, either by appearing at the bank for a withdrawal or by writing a check to a third party. Change your default dictionary to american english. Deposit account financial definition of deposit account. A collection of telephones within an organization such as a call center. Information about bank deposit in the dictionary, synonyms and antonyms. A bank note resembles a common promissory note, issued by a bank or corporation irregular deposit this name is given to that kind of deposit, where the thing deposited need not cashier law dictionary alternative legal definitionverb in military law. Bank deposit an amount of money held at a financial institution on behalf of an account holder for safekeeping. These deposits are made to deposit accounts such as savings accounts.
Definition of bank deposit from the collins english. A banking institution that does business solely or mostly via telephone. In demand deposit, a depositor can withdraw the deposited amount any time. Bank book article about bank book by the free dictionary. As a financial term, a deposit is money youve placed at the bank for safekeeping. The law provides for the following in the event of nonperformance of the contract.
These deposits are made to deposit accounts such as savings accounts, checking accounts and money market accounts. Bank deposit definition in the cambridge english dictionary. His approach is akin to measuring your personal solvency by adding up the deposits in your bank account and neglecting the withdrawals. In deposit terminology, the term bank deposit refers to an amount of money in cash or check form or sent via a wire transfer that is placed into a bank account. The english property loans account for as much as 28 per cent of its current loan book. Bank deposit definition of bank deposit by merriamwebster. Generally, there are significant penalties for early withdrawal. Information and translations of bank deposit in the most comprehensive dictionary definitions resource on the web. Now make sure you dont lose the bankbook, or the teller wont. You can complete the definition of deposit given by the english definition dictionary with other english dictionaries. Definition of bank book in the legal dictionary by free online english dictionary and encyclopedia. They come in different types depending on withdrawal restrictions. Bankbook definition of bankbook by the free dictionary.
Bank of deposit definition of bank of deposit by merriam. Deposit accounts unlike current accounts, which are used to finance daytoday transactions are mainly. Bank deposit definition of bank deposit by the free dictionary. For example, one may keep a bank deposit in ones checking account to pay for daily expenses instead of hiding ones money under the mattress. Bank deposit definition and meaning collins english dictionary. Ebank definition in the cambridge english dictionary. Proper usage and audio pronunciation plus ipa phonetic transcription of the word bank deposit. A time deposit is an interestbearing deposit held by a bank or financial institution for a fixed term whereby the depositor can withdraw the funds only after giving notice. Lower rates on bank deposits also are pushing money into the economy.
Bank deposit definition, money placed in a bank against which the depositor can withdraw under prescribed conditions. Bank deposit definition and meaning define bank deposit. Bankbook definition, a book held by a depositor in which a bank enters a record of deposits and withdrawals. Proper usage and audio pronunciation plus ipa phonetic transcription of the word deposit. Sep 19, 2019 bank deposits consist of money placed into banking institutions for safekeeping. A time deposit also known as a term deposit is a money deposit at a bank that cannot be withdrawn for a certain term or period of time. When the term is over it can be withdrawn, or it can be held for another term.
Cash book is regularly reconciled with the bank statements as an internal auditing measure. Our selection of business deposit slips are specifically designed to meet or exceed all bank standards, which means theyre formatted for fast and troublefree processing at any bank. In many cases the money can be withdrawn from a call deposit account without prior notification to the bank. Search deposit and thousands of other words in english definition and synonym dictionary from reverso. Bank deposit method of proving unreported income law and. Bank book legal definition of bank book legal dictionary. Commercial bank dictionary definition commercial bank. This effectively involves transferring the banks loan book or part of it to a. A register that includes both deposits and withdrawals. The bank book was then something tremendously important, or at least depositors thought so.
Bank deposit definition is any funds credited to a depositors account by a bank. Depositor definition in the cambridge english dictionary. In time deposit, money is deposited for a specific time. A deposit is a sum of money which is in a bank account or savings account, especially a sum which will be. Bank deposit definition what does bank deposit mean. A bank deposit is simply the process by which a customer of the bank or other financial institution entrusts their money to be held in the bank. In larger firms, it is commonly divided into two parts.
Bank book definition of bank book by medical dictionary. Definition of bank deposit from the collins english dictionary. Thus, a deposit account is a bank account that pays interest but that imposes the requirement of notice or a penalty in terms of interest before withdrawal can be effected. Bank deposit law and legal definition uslegal, inc. Bank deposits consist of money placed into banking institutions for safekeeping. You can complete the definition of net deposit given by the english definition dictionary with other english dictionaries. A deposit is subject to notice before withdrawal in time deposit. This surplus, although belonging to the depositor, according to law, is never paid. Put 2 assholes together and one shits in the other filling up his account. Deposit noun definition and synonyms macmillan dictionary. He wanted to discuss the security arrangements available to someone making a large cash deposit. Now make sure you dont lose the bankbook, or the teller wont deposit this check. The longer the term, the better the yield on the money.