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deposit from which funds may be drawn on demand and from which funds may be transferred to another party by means of a check. Demand deposits are the biggest component of the U.S. money supply.See also time deposit
account balance which, without prior notice to the bank, can be drawn on by check, cash withdrawal from an automatic teller machine, or by transfer to other accounts using the telephone or home computers. Demand deposits are the largest component of the U.S. money supply , and the principal medium through which the Federal Reserve implements monetary policy.See also compensating balance or compensatory balance
account paying funds on demand without notice of intended withdrawal. Also called a checking account, Federal and state banking laws define a demand deposit as any bank deposit payable within 30 days. Bank demand deposit drafts, or checks, are negotiable instrument , as defined by Article 3 of the Uniform Commercial Code .See also check , Negotiable Order Of Withdrawal (NOW) Account , super now account
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Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.