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Demand Deposit Account (DDA)


Doc ID:    GL268
Version:    5.0
Status:    Published
Published date:    03/29/2017
Updated:    03/29/2017
 

Definition

A demand deposit account (DDA) allows the holder of the account to withdraw funds without advanced notice. Many checking and savings accounts are DDA accounts.

This is in contrast to a term deposit account in which funds must be held for a pre-determined amount of time (holding period) before they can be withdrawn.


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