Money you put into your account is called what?

Prepare for the NGPF Banking Test. Study with flashcards and multiple choice questions, each question includes hints and explanations. Get exam-ready today!

Multiple Choice

Money you put into your account is called what?

Explanation:
Money you put into your account is called a deposit. Deposits add funds to your account and increase your balance, whether you’re handing over cash at the bank, depositing a check, or transferring money from another account. A withdrawal is taking money out, a transfer moves money between accounts, and a fee is a charge assessed by the bank. So the act of putting money in is the deposit.

Money you put into your account is called a deposit. Deposits add funds to your account and increase your balance, whether you’re handing over cash at the bank, depositing a check, or transferring money from another account. A withdrawal is taking money out, a transfer moves money between accounts, and a fee is a charge assessed by the bank. So the act of putting money in is the deposit.

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