Definitions for "Demand Deposit Account"
Keywords:  dda, teller, debit, merchant, hometown
Compares to an individual's checking account except interest is paid daily on all balances. All incoming and outgoing wires, Advances credits and debits, as well as any principal and interest payments from securities and Advances are posted into the DDA.
The merchant hometown bank account.
An account in which the customer is allowed to withdraw funds without prior notice at any time; describes checking and most savings accounts.