bank deposit

bank deposit
A contractual relationship ensuing from the delivery, by one known as the depositor, of money, funds, or even things into the possession of the bank, which receives the same upon the agreement to pay, repay, or return, upon the order or demand of the depositor, the money, funds, or equivalent amount. This agreement on the part of the bank is usually a tacit one and implied, and it may include an implied promise to pay interest upon the deposit, depend ing upon the nature of the deposit and the account into which it is placed. 10 Am J2d Banks § 337. Where the terms of the law provide for the safeguarding of deposits in banks, it extends only to such deposits as are general deposits; money or the equivalent of money must in intention and effect be placed in, or at the command of, the bank so that the relation of debtor and creditor is created. Re Farmers State Bank, 67 SD 51, 289 NW 75, 126 ALR 619. See safe-deposit box; savings account.

Ballentine's law dictionary. . 1998.

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  • bank deposit — UK US noun BANKING ► [C] an amount of money that is put into a bank account: »Payment is required in advance either by cash, check, or a bank deposit. ► [plural] all the money that has been put into one banks or all the banks in a particular area …   Financial and business terms

  • bank deposit — noun money deposited in a bank or some similar institution • Syn: ↑deposit • Derivationally related forms: ↑deposit (for: ↑deposit) • Hypernyms: ↑fund, ↑monetary fund …   Useful english dictionary

  • bank deposit — A sum of money placed by a customer with a bank. The deposit may or may not attract interest and may be instantly accessible or accessible at a time agreed by the two parties. Banks may use a percentage of their customers deposits to lend on to… …   Accounting dictionary

  • bank deposit — A sum of money placed by a customer with a bank. The deposit may or may not attract interest and may be instantly accessible or accessible at a time agreed by the two parties. Banks may use a percentage of their customers deposits to lend on to… …   Big dictionary of business and management

  • bank deposit — money placed in a bank against which the depositor can withdraw under prescribed conditions. [1825 35] * * * …   Universalium

  • bank deposit — money placed in a bank account …   English contemporary dictionary

  • bank deposit insurance — noun : the insurance of deposit accounts up to $10,000 (formerly up to $5000) in banks in the United States that belong to the Federal Deposit Insurance Corporation * * * the protection of bank deposits against the insolvency of banks in the U.S …   Useful english dictionary

  • bank deposit insurance — the protection of bank deposits against the insolvency of banks in the U.S., up to a specified maximum per account that is revised periodically, under special insurance through the Federal Deposit Insurance Corporation. * * * …   Universalium

  • deposit — de·pos·it 1 /di pä zət/ vt 1: to place for safekeeping or as security may deposit the property with the court; esp: to put in a bank account 2 in the civil law of Louisiana: to place (movable property) under a deposit the depository can not make… …   Law dictionary

  • bank — / baŋk/ n: an organization for the custody, loan, or exchange of money, for the extension of credit, and for facilitating the transmission of funds branch bank: a banking facility that is a separate but dependent part of a chartered bank; esp: a… …   Law dictionary

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