Define: Deposit

UK Accounting Glossary

Definition: Deposit



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.

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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.


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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. April 02, 2020 https://payrollheaven.com/define/deposit/.
Chicago Manual of Style (CMS):
Deposit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/deposit/ (accessed: April 02, 2020).
American Psychological Association (APA):
Deposit. PayrollHeaven.com. Retrieved April 02, 2020, 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: 7th February 2020.