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CHECKABLE DEPOSITS Definition & Legal Meaning

Definition & Citations:

Available money allocated to one’s checking account, in a bank or financial institution, allowing the account owner to write a check or draft against that available amount in the account. These accounts hold ready cash, which is a very liquid asset. It is this liquidity that is allowing the transfer of monies from one person to another. Examples of a checkable deposit account are checking, savings and money market accounts.

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