Question

Let's say that you have put $1,000 in your savings account at a local financial institution, and an employee of the banks tells you that the bank does not have the money you deposited in its vault (or anywhere else) in the bank.

1. Could the employee be correct and, if so, then where is the money that you deposited into your savings account?

2. Should you be worried about getting your deposit back from the bank? Why or why not?

Answer 1

Answer:

A deposit is a financial term that means money held at a bank. A deposit is a transaction involving a transfer of money to another party for safekeeping. However, a deposit can refer to a portion of money used as security or collateral for the delivery of a good.