Talk:Deposit account
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Terminology problems
editI just discovered this article, which needs some work. As counter-intuitive as it may seem to a layperson, a "deposit account" is not an asset of the bank -- it's a liability owed by the bank to its customer. The asset is the money (or checks, etc.) deposited by the customer. Stay tuned. Yours, Famspear 17:48, 8 August 2006 (UTC)
The use of the term "Deposit account" to include current (cheque) accounts as well as savings accounts is, as far as I'm aware, a specifically US (or North American) terminology. In the UK, and most of Europe, "deposit account" is a synonym for "savings account" and is separate to a current account. MarkSG (talk) 17:26, 25 January 2012 (UTC)
Possible errors?
editUnder "How banking works"
Should "On the bank's books, the bank debits its cash account for the $100 in cash, and credits a "deposits" liability account for an equal amount."
Read as "On the bank's books, the bank credits its cash account for the $100 in cash, and credits a "deposits" liability account for an equal amount." 220.233.193.104 (talk) 05:32, 5 May 2022 (UTC)