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Demand Deposit Account

Overview#

Demand Deposit Account is a Transaction Account held at a Financial Institution that allows the depositor to withdraw his or her funds from the Transaction Account without warning or with less than seven days' notice.

Checking accounts are an example of Demand Deposit Account.

Federal Reserve#

Demand Deposit Account are a key component of the M1 Money Supply calculated by the Federal Reserve.

Federal Reserve Regulation Q prohibits Financial Institution from paying interest on Demand Deposit Accounts.

More Information#

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