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.
A standard checking or savings account into which electronic funds can be transferred.
bank account from which funds can be transferred
Account that can be drawn by check, cash withdrawal from an automatic teller machine, or by transfer to other accounts.
A checking account, which must be linked to a merchant processing account to deposit funds to and debit funds from as needed.
A commercial checking account that is used as the depository account for a merchant's credit card deposit. (See Deposit Account.)
An account that allows a customers to write checks against it. Also called a checking account.
Usually abbreviated as DDA, it refers to the merchant bank account the payment processor credits or debits for deposits, fees and adjustments.
Bank Industry language for a Checking Account. Literally, a type of bank account whereby the account balance can be withdrawn by the depositor without prior notice to the bank. The balance can be withdrawn via check, automatic teller machine or by transfers to other accounts using a PC or telephone. The Federal Reserve uses demand deposits as a primary indicator as to when to implement monetary policy because they are the largest component of the money supply.
