Checkable Deposits

Checkable deposits are bank accounts, such as checking or demand deposit accounts, that allow account holders to deposit and withdraw money on demand, typically using checks, debit cards, or electronic transfers. These accounts provide liquidity and are usually used for everyday transactions, as they allow customers to access their funds at any time without notice. Unlike savings accounts, checkable deposits generally earn little or no interest, as they are designed for frequent access and convenience.

Example

A customer uses their checkable deposit account to write a check for groceries, withdraw cash from an ATM, and pay bills online, all from the same account.