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What is a deposit?

In banking, a deposit is a sum of money that the account holder(s) put into an account at a financial institution or online bank at which the account holder(s) has an account.

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Types of deposits

These are some of the most common types of deposits:
Demand deposit. These are accounts that let the consumer withdraw the money at any time, without advanced notice. Examples include checking, savings, and money market accounts. Some financial institutions may require that a minimum balance be maintained to keep the account open.
Time deposit accounts. A time account is an account with a maturity of at least seven days in which the consumer generally does not have a right to make withdrawals for six days after the account is opened, unless the deposit is subject to an early withdrawal penalty of at least seven days’ interest on the amount withdrawn.
Checking accounts. Checking accounts are a type of “liquid” account that allow consumers to make deposits and withdrawals as needed. Rewards checking accounts offer a monthly dividend on average account balances, rewards points on debit card purchases, and other perks for account holders.
Savings accounts. Also called a “deposit account,” savings accounts typically pay interest on the monthly balance with tiered levels of interest, so the more you save the more interest you’ll earn.
Money market accounts. Money market accounts are like savings accounts; however, the earned interest rate tends to be higher and most financial institutions limit the number of withdrawals that can be made each month.
Share certificates. A share certificate is a type of savings account offered by credit unions. Share certificates are equivalent to certificates of deposit (CDs) that are offered by banks. The only difference between share certificates and CDs is the name.
Individual retirement accounts (IRA). An IRA is a retirement account that earns interest which becomes accessible to the account holder upon retirement. IRAs can be opened at traditional banks, at credit unions, and at investment companies. An IRA opened at a credit union is called an IRA share certificate.

How to make a deposit

Making a deposit into your checking, savings, or money market account is easy. Today’s financial institutions provide many options to make account deposits easy.
In person. Many people still prefer to make an in-person account deposit at their local credit union or bank branch. If you have large checks or large amounts of cash, in-person is a safe and easy way to deposit your money.
ATM. All credit union and bank branches accept ATM account deposits. ATMs at retailers and grocery stores, for example, are strictly for withdrawing cash and cannot be used to make a deposit.
Mail. While it is possible to send a paper check to your credit union or bank for deposit, there is the risk that your check could be lost or stolen. Depositing paper checks is safer in person or by using your bank’s mobile banking features.
Online/mobile banking. Most credit unions and banks provide mobile banking that lets account holders deposit a check by uploading the financial institution’s mobile app, signing into the mobile app, taking a photo of both sides of the check and uploading it to their account. 

Examples of deposits

Here are some of the most common types of deposits:
Bank account deposit. These are deposits made into any account held at a credit union or bank, such as checking, savings, or money market account.
Tenancy deposit. A tenant deposit is a security deposit given by a tenant to a landlord. The landlord deposits the funds into an account where the money is held until the tenant vacates the premises. If the tenant meets the terms of the tenancy agreement the landlord returns the deposit to the tenant upon departure.
Customer deposit. This is when a customer makes a down payment to a merchant, by check or cash, for the purchase of goods or services.


Are account deposits insured?

Yes. Bank account deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per account. Credit union deposits are protected with NCUA insurance. This insurance (up to $250,000 per account) makes credit unions as safe as traditional banks.

Can I get more insurance for my deposit accounts?

It may be possible to get more insurance for your deposit accounts, so be sure to speak with a bank representative if you have more than $250,000 in any one of your accounts.

Do bank deposits earn interest?

Some credit unions and banks pay interest on deposits. Certain checking, savings accounts earn interest if your balance meets the requirements for earned interest. Deposits made to money market accounts and certificates of deposit or share certificates also earn interest.

Is a deposit refundable?

A deposit you make into any one of your credit union or bank accounts can be withdrawn by you and/or a joint account holder. Some accounts, such as certificates of deposit and money market accounts, have rules about when withdrawals can be made.

How much should a deposit be?

The amount of a deposit depends on your financial needs. If you are depositing money into a checking account, you should always deposit enough to fully cover the amount that will be withdrawn for automatic bill payments and your other expenses. If you are trying to save money to buy a home or buy a car, you can deposit any amount into your savings account. If you want to save money fast, your deposits should be as much as you can afford to set aside after all of your monthly bills are paid.

Why savvy consumers choose CU SoCal

For over 60 years CU SoCal has been providing financial services, including mortgages, Home Equity Loans, HELOCs, car loans, personal loans, credit cards, and other banking products, to those who live, work, worship, or attend school in Orange County, Los Angeles County, Riverside County, and San Bernardino County.
Please give us a call today at 866.287.6225 today to schedule a no-obligation loan consultation.

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Credit Union of Southern California (CU SoCal) is a leading financial institution empowering those who live, work, worship, or attend school in Orange County, Los Angeles County, Riverside County, and San Bernardino County to reach their goals and build strong financial futures. CU SoCal provides access to convenient money management services and offers competitive rates and flexible terms on auto loans, mortgages, and VISA credit cards—turning wishing and waiting into achieving and doing.


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