A deposit, specifically a demand deposit, against which checks or drafts are written (and funds are drawn either in cash or by means of a vehicle such as a check). It is a deposit account held at a bank or any similar financial institution that is highly liquid as it allows an accountholder to withdraw funds (the amounts deposited) on demand virtually at any point of time, with no notice (or a very short notice). A checkable deposit is an asset for the depositor (the bank’s client) and a liability for the bank (the depositee).
A checkable deposit is often alternatively used with a demand deposit as both terms denote the same meaning.
