cash-deposit

Vocabulary Word

Definition

'Cash-deposit' is the act of adding money, in the form of cash, to your bank account. It's like refueling your car, but with cash instead of gasoline.

Examples in Different Contexts

In retail banking, a 'cash deposit' is the act of placing money into a bank account. A teller might say, 'You can make a cash deposit at the counter or through our ATM machines.'

Practice Scenarios

Tech

Scenario:

We're at an age where we should make banking procedures as seamless as possible. Introducing technology to simplify these methods should be a priority.

Response:

Agreed, having cash deposit machines in our bank branches will make depositing money more convenient for our customers.

Accounting

Scenario:

It's essential to record all monetary transactions accurately for our financial monitoring and tax reporting.

Response:

All cash deposits are accounted for in our cash book, ensuring transparency in our financial reporting.