bank deposit

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Related to deposit account: savings account, Demand deposit account

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 ?
Banks with basic deposit accounts enjoy zero reserve requirement ratio as perks.
"Moreover, these efforts contribute in reducing the costs and alleviating the burden imposed on the government authorities in the development fields, in addition to supporting the saving efforts through opening deposit accounts in the bank."
Another advantage is that the borrower also has access to the funds held on the linked deposit account. You can withdraw funds as and when required.
In many respects, local branch managers are now part of the face of our business services department, especially for business deposit accounts. Branch managers target and visit prospective business members in their areas.
In conjunction with the NRI dual deposit account launch, the bank is offering an early bird lifetime zero balance in their savings account in India, if the account is opened within the first six months of the launch.
ACCORDING to two Tees businesses, a good relationship with your bank is worth more than good interest rates Middlesbrough's Yvette Sheekey, who runs Penelope's Pitstops - a garage exclusively aimed at women drivers - said: "When you're running your own company, looking around for better deals on your deposit account becomes a low priority - but really it should be a high one.
But a new report slates National Savings' Bonds as "complicated and opaque" and offering returns no better than a deposit account.
"Many people have money sitting in an old deposit account at an uncompetitive interest rate.
Ante-post wagers will be honoured through the deposit account, which will have the same number as the internet account but starts with the letter K.
NEWCASTLE Building Society (0845-606 5522) has launched the Guaranteed 5 Star Bond deposit account.
The new rate means depositing 1 million yen in the bank's ordinary deposit account generates interest of 10 yen a year.