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Deposits
A sum of money that is placed into a financial account for the purpose of securing a product or service.
More Details
Deposits are sums of money paid to a financial institution, such as a bank or credit union, or to a business or individual for the purpose of securing a product or service. Deposits may earn interest, depending on the type of account and the terms of the deposit agreement.
Example
You find an apartment that you would like to rent and apply to rent the apartment. Your application is approved by the landlord or property management company, but they require a security deposit to be paid upfront in order to hold the apartment for you and to protect against any damages that may occur during your tenancy.
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