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Demand account

Demand account Definition

A demand account (or demand deposit) is a deposit account held at a bank or other financial institution, the funds deposited in which are payable on demand. The primary purpose of demand accounts is to facilitate cashless payments by means of check, bank draft, direct debit, electronic funds transfer, etc.

A demand account is commonly known as:

  • a checking account (United States banks)
  • a current account (United Kingdom banks)
  • a share draft account (United States credit unions)
  • a savings account (Australian banks)





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