bank deposit

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bank deposit

[¦baŋk di′päz·ət]
Mounds, ridges, and terraces of sediment rising above and about the surrounding sea bottom.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.

mobile check deposit

Using the camera in a phone to deposit a check in a bank. An app in the phone takes a picture of the front and back of the check, and both images, along with the dollar value, are transmitted to the bank. Nothing is stored in the phone. Initially created for commercial customers in 2004 in the U.S. and known as "remote deposit capture" (RDC), banks began offering the service to individual account holders starting in 2012.

The Amounts Are Not Unlimited
In order to limit a bank's liability if someone makes a mobile deposit in one bank and physically deposits or cashes the check in another bank, there are maximum mobile deposit amounts. The limits are generally from $1,000 to $2,000 per day and from $3,000 to $5,000 per month. See mobile payment service, online banking and virtual bank.

A New High-Tech Benefit
For customers who want to quickly deposit their checks, this is a great convenience.
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References in periodicals archive ?
Figures from the Indian central bank said that bank deposit grew by 6.7 percent in 2017-18, which is the lowest growth rate in bank deposits since fiscal 1963.
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The bank deposit ratings have dynamic nature and may be revised following events and/or changes in indicators of bank's performance, which may affect the bank's capacity to make timely and full payments on its deposits.
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11 February 2011 - Credit Rating today revised the bank deposit ratings of 18 Ukrainian banks.
Bulgarian banks are already offering customers roundabout services to cushion the impact of the new 10% levy on people's bank deposits income, which came into force as of January 1.
Sheng Songcheng, head of the statistics department at the People's Bank of China, said that the bank could remove the ceiling on bank deposit rates soon rather than raising the cap again.
The new 10% levy on people's income on their bank deposits comes into force from next year.
According to a draft amendment to the Law on Bank Deposit Guarantee, the Bulgarian Deposit Insurance Fund would be obliged to redeem guaranteed deposits of up to BGN196,000 after a bank halts payments.