Deposit

in Glossary

This term basically has two meanings. The first meaning is applied to funds provided as collateral or security for expected delivery of a good. Basically it is an amount of money given in advance to show intention to complete the purchase of a property. The second definition is applied to funds transferred to another party, such as a bank, for safekeeping.


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Related ChexSystems Banking Information:

  1. Lien
  2. Mortgage
  3. Garnishment
  4. Direct Deposit
  5. How to Set Up Direct Deposit on a Prepaid Debit Card

Tagged as: Deposit, funds provided as collateral or security

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