customer deposits
Money held temporarily
Customer deposits are funds paid in advance by buyers, typically to secure goods or services before delivery.
In banking, the term refers to money held in customer accounts—checking, savings, or certificates of deposit—which represent liabilities on the bank's balance sheet.
Retail businesses may require customer deposits for custom orders or layaway purchases: The furniture store requires a 20% customer deposit.
- FDIC insuranceFederal protection for bank accounts
- bank runPanicked mass withdrawal
- banksFinancial institutions or riversides
- bank accountFinancial storage for funds
- savings accountsInterest-bearing bank deposits
rainy day fund · nest egg · safekeeping · cash · money in the bank · checking accounts · coins · bills · teller · interest rates · opening balance · minimum balance · credit unions · passbook · joint account · account holder · consumer protection laws · withdrawal limits
- bankingbank, banks, ATM, ATMs, account
- liabilitiesaccounts payable, tax liability, payables, short-term debt, long-term debt
- liquiditycash, liquidity, cash reserves, liquid assets, cash position
customer, customers, custom, customs, customary, customize, customized, customization, customizable