Deposit Account
Contents
Definition
Deposit Account. An account that provides a record of money placed with a depository institution for safekeeping and management
The account holder has the right to withdraw deposited funds, as set forth in the terms and conditions governing the account agreement. Deposit accounts may be insured up to a certain amount, depending on the jurisdiction.
Example
Deposit accounts include savings accounts, money market accounts, and transactional accounts, such as demand deposit accounts, among others.
See Also
Disclaimer
This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.
