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deposit account
(redirected from time deposit account)

   Also found in: Dictionary/thesaurus, Wikipedia, Hutchinson 0.02 sec.

deposit account

Either of two basic bank deposit accounts. The demand deposit is payable on demand (see check). Theoretically, the time deposit is payable only after a fixed interval of time; in practice, withdrawals from most small time-deposit accounts are paid on demand.



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The euro investment sweep operates similarly, except it moves all end-of-day cash into an offshore euro time deposit account.
If the account is held in the name of time joint accountholders hut with the designation "transfer on death" (TOD) preceding the names of the beneficiaries, the securities held in the account would pass to the named beneficiaries without probate in the same manner as the funds in time deposit account.
McNally said the investors were told that their money had been placed in a secured time deposit account at Chase Manhattan Bank in New York.
 
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