Bank Deposit

What does Bank Deposit mean in American Law?

The definition of Bank Deposit in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

A loan by a person to a bank, ordinarily in exchange for stipulated interest and a promise to repay the loan either on demand, or at some agreed time after demand. Deposits in commercial banks, “checking accounts,” are demand deposits and until recently did not bear any interest, but one could write orders to the bank (“checks”) to pay one”s creditors. Also until recently, deposits in savings banks paid interest but (at least formally) the bank could delay repayment for some period, and did not permit checks to be written against their accounts. Now and increasingly both kinds of banks pay interest and permit the functional equivalent of check writing and both also issue certificates which, to receive the promised interest rate, one must hold for a stipulated period, e.g., six months. Given this growing functional convergence, it is unlikely that the formal and institutional distinction between commercial and savings banks can long survive.

Hierarchical Display of Bank deposit

Finance > Financial institutions and credit > Banking

Meaning of Bank deposit

Overview and more information about Bank deposit

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Resources

Translation of Bank deposit

• Spanish: Depósito bancario
• French: Dépôt bancaire
• German: Bankeinlage
• Italian: Deposito bancario
• Portuguese: Depósito bancário
• Polish: Depozyt bankowy

Thesaurus of Bank deposit

Finance > Financial institutions and credit > Banking > Bank deposit

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