Deposit Account definition: Copy, customize, and use instantly
Introduction
The term "Deposit Account" refers to a financial account maintained by a financial institution, where funds are deposited and may earn interest, be withdrawn, or be used for other financial transactions. This term is commonly used in banking and financial contracts to define accounts held by individuals, businesses, or organizations.
Below are various examples of how "Deposit Account" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Deposit Account" as a savings account
This definition ties "Deposit Account" to a savings account held at a bank.
"Deposit Account" refers to an account established with a financial institution where funds are held for safekeeping and may accrue interest over time, typically used for saving purposes.
Definition of "Deposit Account" as a checking account
This definition connects "Deposit Account" to a checking account.
"Deposit Account" means an account at a financial institution where funds may be deposited and withdrawn for regular transactions such as payments, deposits, and transfers, typically used for everyday spending.
Definition of "Deposit Account" for a business account
This definition links "Deposit Account" to business transactions.
"Deposit Account" refers to a financial account held by a business entity at a bank or financial institution, where business funds are deposited and managed for operational expenses and transactions.
Definition of "Deposit Account" for interest-bearing accounts
This definition applies "Deposit Account" to interest-earning accounts.
"Deposit Account" means an account in which funds are deposited and earn interest over time, typically offered by banks and financial institutions as a savings or investment option.
Definition of "Deposit Account" for term deposits
This definition ties "Deposit Account" to term deposits.
"Deposit Account" refers to a type of account where funds are deposited for a fixed term and may earn a higher interest rate than regular savings or checking accounts, with penalties for early withdrawal.
Definition of "Deposit Account" for secured accounts
This definition connects "Deposit Account" to accounts with collateral.
"Deposit Account" means an account that is secured by collateral, where funds are deposited and the account is used to guarantee loans or credit extended to the account holder.
Definition of "Deposit Account" for online banking
This definition links "Deposit Account" to online banking accounts.
"Deposit Account" refers to an account held with an online banking institution where funds can be deposited and managed electronically, often offering more flexibility and lower fees than traditional accounts.
Definition of "Deposit Account" for joint accounts
This definition ties "Deposit Account" to joint accounts held by multiple parties.
"Deposit Account" means an account in which two or more individuals or entities deposit funds and have the ability to make withdrawals, with all account holders sharing rights and responsibilities.
Definition of "Deposit Account" for personal accounts
This definition applies "Deposit Account" to personal use accounts.
"Deposit Account" refers to an account opened by an individual for personal banking purposes, such as saving, withdrawing, and transferring money for day-to-day living expenses.
Definition of "Deposit Account" for retirement savings
This definition connects "Deposit Account" to retirement savings accounts.
"Deposit Account" means an account designed for retirement savings, where funds are deposited over time and may be invested or accrue interest, offering tax advantages for long-term savings.
Definition of "Deposit Account" for corporate accounts
This definition links "Deposit Account" to corporate banking.
"Deposit Account" refers to an account held by a corporation or legal entity for depositing funds, paying employees, or managing day-to-day financial transactions related to the business's operations.
Definition of "Deposit Account" for funds held in trust
This definition applies "Deposit Account" to trust arrangements.
"Deposit Account" means an account in which funds are held in trust by an institution or individual on behalf of a beneficiary, with restrictions on access and disbursement of the funds according to the trust agreement.
Definition of "Deposit Account" for escrow accounts
This definition ties "Deposit Account" to escrow agreements.
"Deposit Account" refers to an account where funds are held by a third party for the benefit of the parties involved in a transaction, with disbursements made based on the conditions of the escrow agreement.
Definition of "Deposit Account" for overdraft protection
This definition connects "Deposit Account" to overdraft arrangements.
"Deposit Account" means an account linked to an overdraft protection service, where the financial institution covers any overdraft amounts up to a specified limit to avoid the account from being overdrawn.
Definition of "Deposit Account" for foreign currency accounts
This definition links "Deposit Account" to accounts in foreign currencies.
"Deposit Account" refers to an account in which funds are held in foreign currencies, allowing the account holder to deposit, hold, and withdraw foreign exchange as needed for international transactions.
Definition of "Deposit Account" for student accounts
This definition ties "Deposit Account" to student banking.
"Deposit Account" means an account specifically designed for students, often with no fees or minimum balance requirements, intended for saving and managing funds during their studies.
Definition of "Deposit Account" for tax-deferred accounts
This definition connects "Deposit Account" to tax-deferred savings.
"Deposit Account" refers to an account where funds are deposited and grow tax-deferred, typically used for retirement savings or specific investment products.
Definition of "Deposit Account" for high-yield savings
This definition links "Deposit Account" to high-interest savings options.
"Deposit Account" means a savings account that offers a higher-than-average interest rate on deposits, usually with certain requirements or limits on withdrawals.
Definition of "Deposit Account" for non-interest-bearing accounts
This definition ties "Deposit Account" to non-interest-bearing accounts.
"Deposit Account" refers to an account where funds are deposited and may be used for regular transactions, but no interest is earned on the balance, typically used for checking purposes.
Definition of "Deposit Account" for government accounts
This definition connects "Deposit Account" to government funds.
"Deposit Account" means an account held by a governmental agency or entity for the deposit and management of public funds, often with specific regulations and oversight.
Definition of "Deposit Account" for healthcare savings
This definition links "Deposit Account" to healthcare accounts.
"Deposit Account" refers to an account used for the deposit of funds for healthcare expenses, such as a Health Savings Account (HSA), offering tax advantages for medical spending.
Definition of "Deposit Account" for investment accounts
This definition applies "Deposit Account" to investment-related accounts.
"Deposit Account" means an account used for depositing funds into investment products, such as certificates of deposit (CDs), where the funds are managed for the purpose of generating returns.
Definition of "Deposit Account" for loyalty or reward accounts
This definition ties "Deposit Account" to reward programs.
"Deposit Account" refers to an account used to store rewards or loyalty points earned through transactions, often with the option to redeem for goods, services, or cash.
Definition of "Deposit Account" for charitable donations
This definition connects "Deposit Account" to charitable funds.
"Deposit Account" means an account where funds are deposited and held for the purpose of making charitable donations, with the possibility of tax benefits and specific restrictions on fund disbursement.
Definition of "Deposit Account" for nonprofit organizations
This definition links "Deposit Account" to nonprofit entities.
"Deposit Account" refers to an account maintained by a nonprofit organization to deposit donations, grants, and other funds used to support its mission and operations.
Definition of "Deposit Account" for joint savings
This definition ties "Deposit Account" to joint savings accounts.
"Deposit Account" means a savings account held by two or more individuals or entities, where deposits are made for the purpose of saving and managing funds collectively.
Definition of "Deposit Account" for secured credit accounts
This definition connects "Deposit Account" to secured credit arrangements.
"Deposit Account" refers to an account where funds are deposited as collateral for securing a credit card or loan, with the balance serving as a guarantee for repayment.
Definition of "Deposit Account" for money market accounts
This definition links "Deposit Account" to money market products.
"Deposit Account" means an account that typically earns a higher interest rate than a savings account, with limited transaction capabilities, often used for short-term investments.
Definition of "Deposit Account" for revolving deposit accounts
This definition ties "Deposit Account" to revolving account arrangements.
"Deposit Account" refers to an account where funds can be continuously deposited and withdrawn, with the balance available for reuse in future transactions, similar to a line of credit.
Definition of "Deposit Account" for peer-to-peer lending
This definition connects "Deposit Account" to peer-to-peer platforms.
"Deposit Account" means an account used on a peer-to-peer lending platform, where funds are deposited by lenders and managed by the platform to provide loans to borrowers.
Definition of "Deposit Account" for trust funds
This definition links "Deposit Account" to trust arrangements.
"Deposit Account" refers to an account where funds are held in trust for the benefit of a beneficiary, with specific terms governing the management and disbursement of the funds.
Definition of "Deposit Account" for personal checking
This definition ties "Deposit Account" to personal checking accounts.
"Deposit Account" means a personal checking account where funds are deposited for daily use, such as paying bills, making purchases, and managing personal finances.
Definition of "Deposit Account" for virtual accounts
This definition connects "Deposit Account" to digital banking.
"Deposit Account" refers to an account that exists solely in digital form, allowing funds to be deposited, transferred, and withdrawn through online or mobile banking platforms.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.