What is Demand Deposit Account?
Demand Deposit Account A deposit account from which funds may be withdrawn at any time without advance notice, primarily used for checking accounts under banking regulations.
Source: CFA Institute, IFRS Foundation, FASB (GAAP), Basel III Framework
How is “Demand Deposit Account” Used in Practice?
Funds in a demand deposit account are available for withdrawal on demand, and are used to settle checks and electronic payments.
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Who Needs to Know This Term?
- Financial Analysts
- Bankers
- Traders
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What is Demand Deposit Account?
A deposit account from which funds may be withdrawn at any time without advance notice, primarily used for checking accounts under banking regulations.
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