GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Deposit


Synonyms:advance, partial payment, place, put money towards, retainer
Filed Under: financial-banking, mortgages, real-estate
Tags: banking, mortgage, realty
 

Definition of deposit

deposit
1. An act of putting money in to a bank account.
2. A payment made to prove that a buyer is serious about making a given transaction. An earnest money deposit is money a buyer gives to a seller to purchase to prove that he or she is serious about buying the house.

Related Terms and Acronyms:

  • Canada Deposit Insurance Corporation (CDIC)   A crown corporation that provides deposit insurance against the loss of deposits made with member financial institutions.
      ➥  Government of Canada federal crown corporation.
  • deposit insurance   The Canada Deposit Insurance Corporation insures depositors' funds to a maximum of $60,000 per depositor, per institution, with some exceptions, in the event of the failure of a federal financial institution. Deposits in some provincial financial institutions are also covered.
  • earnest money deposit (EMD)   Money given by a buyer when making a formal offer to demonstrate that the buyer is serious. Also called a deposit.
      ➥  A down payment.
  • onus item   A payment that is deposited at the same financial institution in which it was drawn or written. For example, a cheque that is written by one bank customer and deposited by the recipient at another branch of the same bank. These items are not cleared between institutions and therefore are not represented in statistics of payments exchanged between financial institutions in the clearings.
  • transaction   Action in a bank account. It may be a deposit, withdrawal, debit card payment, service charge or interest payment.
  • withdrawal (WD)   Taking money out of a bank account or financial instrument.
      ➥  Bank account transaction code.

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