- 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.
- An act of putting money in to a bank account.
place, retainer, partial payment, advance, put money towards
Related Terms and Acronyms
- Canada Deposit Insurance Corporation (CDIC) — Company Est. 1967, Ottawa, Ontario, Canada, Important,
➥ Government of Canada federal crown corporation.
- A crown corporation that provides deposit insurance against the loss of deposits made with member financial institutions.
- Deposit Insurance — Definition,
- 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) — Acronym,
➥ A down payment.
- Money given by a buyer when making a formal offer to demonstrate that the buyer is serious. Also called a deposit.
- Onus Item — Definition,
- 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 — Definition,
- Action in a bank account. It may be a deposit, withdrawal, debit card payment, service charge or interest payment.
- Withdrawal (WD) — Acronym,
➥ Bank account transaction code.
- Taking money out of a bank account or financial instrument.