banks couldn't pay interest on certain demand deposit accounts. For example, the Federal Reserve Board'sRegulation Q (Req Q), enacted in 1933, specifically prohibited banks from paying interest on checking account deposits.
1. Checking account A checking account is one of the most common types of demand deposits. It offers the greatest liquidity, allowing cash to be withdrawn at any time. The checking account may earn only zero or minimal interest since demand deposit accounts involve minimal risk. Interest paid ...
A demand deposit account is an account at a bank, credit union or other financial institution that lets you use or withdraw money whenever you want, without notifying the financial institution ahead of time. Types of demand deposit accounts include checking accounts, savings accounts and money mark...
demand deposit accountAlso found in: Acronyms. demand deposit account A checking account. One may demand payment of the money on deposit without penalty. Contrast with a certificate of deposit, in which one must pay a penalty if the money is withdrawn early. The Complete Real Estate ...
Demand-Deposit Accounts: Checking out: Two startup sites are looking to help customers find the demand-deposit account best for them and then help them make the switch. Will this break down the DDA loyalty barrier and benefit the industry as a whole?(CheckingFinder and FindaBetterBank)...
Most DDAs are personal accounts that are simple to open at most banks and require a low minimum to own the account. A person using a checking account can deposit and withdraw money as many times as they want with no limits, which is an example of a demand deposit account. Another demand...
Demand Deposit Updated July 20, 2023 Introduction of Demand Deposit Demand Deposit is a bank account that allows the depositor to withdraw funds on demand without any advance notice to the bank. An easy example is the Checking account. It provide the funds user needed to purchase household ...
requesting thedemand draft; the bank paying the money is thedrawee; the party receiving the money is thepayee. Demand drafts were originally designed to benefit legitimate telemarketers who needed to withdraw funds from customer checking accounts using their bank account numbers and bank routing ...
A demand deposit account data processing system is provided that allows merchants to settle transactions on line and in real time and that automatically processes transactions in a number of exception conditions. The system comprises demand deposit account data that originate from a data source, at ...
This Column Commercial Demand Deposit Account Agreement (the “Agreement”) contains the terms and conditions governing the deposit account (“Checking” or the “Account”) made available to you in connection with your Brex Business Account and provided by Column National Association, referred to as...