What are demand deposits? in one word
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Open account occurs when a seller ships the goods and all the necessary shipping and commercial documents directly to a buyer who agrees to pay a seller's invoice at a future date. ... Before payment (depending on how the products are shipped and the length of payment option).
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A demand deposit account (DDA) consists of funds held in a bank account from which deposited funds can be withdrawn at any time, such as checking accounts. ... A DDA allows funds to be accessed anytime, while a term deposit account restricts access for a predetermined time
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