Deposit
/dɪˈpɒzɪt/
Definitions
- (n.) A sum of money placed or kept in a bank account, usually to gain interest.
She made a deposit of $500 into her savings account.
- (n.) An initial payment made as part of the total price for goods or services, to secure a contract or purchase.
He paid a deposit to reserve the apartment.
- (v.) To put money into a bank or financial institution.
They deposited their paycheck into the joint account.
- (v.) To place or set down something carefully or officially, such as evidence or documents.
The lawyer deposited the evidence with the court clerk.
Forms
- deposits
- deposited
- depositing
Related terms
See also
Commentary
In contracts, specifying deposit terms clearly helps prevent disputes regarding refunds or forfeiture.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.