bank deposit

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A sum of money placed by a customer with a bank. The deposit may or may not attract interest and may be instantly accessible or accessible at a time agreed by the two parties. Banks may use a percentage of their customers’ deposits to lend on to other customers; thus most deposits may only exist on paper in the bank’s books. Money on deposit at a bank is usually held in a savings account, a deposit account, or a current account.

Subjects: Financial Institutions and Services — Accounting.

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