What is a deposit?

What is a deposit?

• A. Taking money out of a bank account
• B. Putting money into a bank account
• C. Borrowing money from the bank
• D. Withdrawing via ATM

Answer: (B)

A deposit is when you put money into a bank account. When you deposit cash, a check, or money transferred from another account, the bank adds that amount to your balance, so you have more money available to spend or save. Deposits can be made in person at the bank, at an ATM, or through a mobile app, and sometimes checks take a short while to be fully available. This is different from withdrawing money, which means taking money out of your account, and from borrowing, which means getting money you’ll pay back later. So, the idea behind a deposit is simply putting money into your account.

A deposit is when you put money into a bank account. When you deposit cash, a check, or money transferred from another account, the bank adds that amount to your balance, so you have more money available to spend or save. Deposits can be made in person at the bank, at an ATM, or through a mobile app, and sometimes checks take a short while to be fully available. This is different from withdrawing money, which means taking money out of your account, and from borrowing, which means getting money you’ll pay back later. So, the idea behind a deposit is simply putting money into your account.