Deposit

Business, Legal & Accounting Glossary

  1. Home
  2. Glossary
  3. Define: Deposit

Definition: Deposit

Deposit
Cite Term
Sources

What is the dictionary definition of Deposit?

Dictionary Definition

  1. Sediment or rock that is not native to its present location or is different from the surrounding material. Sometimes refers to ore or gems.
  2. That which is placed anywhere, or in anyone’s hands, for safekeeping; something entrusted to the care of another.
  3. banking Money placed in an account.
  • Money given in advance to show intention to complete the purchase of a property.
  • Money transferred into a customer’s account at a financial institution.

Full Definition of Deposit

Deposit has two distinct meanings. Meaning one is applied to funds provided as security or collateral for expected delivery of a good. For instance, in a real estate acquisition, a deposit is provided in advance of closing. The exact timing and amount varies depending upon the part of the country. A real estate purchase deposit may be called a good faith deposit, a contract deposit, or simply a deposit. The second meaning of deposit is applied to funds transferred to another party, typically a financial institution, for safekeeping. An account holder who submits money to a credit union or bank for addition to the owner’s account balance is said to make a deposit. A direct deposit is a type of payment where the payor transfers funds for the benefit of the payee to the financial institution where the payee has an account.

Examples of Deposit in a sentence

You should always ask for a deposit so that you know you are covered on what you will spend on the deal.

The check for the settlement came in the mail today so on my lunch break, I went to the bank and made a quick deposit.

Mavis was very excited to purchase her new house and had a cashier check ready to give to the loan officer for the deposit on her mortgage loan.

Related Phrases

day of deposit to day of withdrawal account
pre-encashable deposit
holding company depository receipt (HOLDR)
fixed deposit
tax deposit certificate
certificate of deposit account registry service (CDARS)
Federal Deposit Insurance Corporation Improvement Act (FDICIA)
interbank deposits
approved deposit fund
euro deposit
fractional reserve banking
fixed-rate certificate of deposit
Federal Deposit Insurance Corporation
either-way market
alluvion
escrow agreement
natural resource
FDIC
deposits paid
deposit transfer

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/deposit/
Modern Language Association (MLA):
Deposit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
May 18, 2024 https://payrollheaven.com/define/deposit/.
Chicago Manual of Style (CMS):
Deposit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/deposit/ (accessed: May 18, 2024).
American Psychological Association (APA):
Deposit. PayrollHeaven.com. Retrieved May 18, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/deposit/

Definition Sources

Definitions for Deposit are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 29th October, 2021 | 0 Views.