what are demand deposites
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A demand deposit account (DDA) consists of funds held in a bank account from which deposited funds can be withdrawn at any time, such as checking accounts. DDA accounts can pay interest on a deposit into the accounts but aren’t required. A DDA allows funds to be accessed anytime, while a term deposit account restricts access for a predetermined time.
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a deposit of money that can be withdrawn without prior notice.
Explanation:
a demand deposit is an account with a bank or financial institution that allows depositor to withdraw his and her funds from the account without warning or with less than 7 days notice. demand deposits are a key component of the M1 money supply calculated by the Federal Reserve.
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