What Does DDA Deposit Stand For In My Online Banking?

What are DDA deposits and Withdrawals In Online Banking?

DDA stands for Demand Deposit Account

Majority of financial institutions allows their members to use the online banking system to manage their DDA accounts in case of credit unions.

It is described as a way you can deposit or withdraw funds without any form of demands through your phone and avoid wasting time on queuing at the banks.

It is an active transactional account that the users can withdraw and deposit money anytime with no restrictions using your phone at the comfort of your home.

You can pay bills, pay loans, purchase goods and services and also transfer money to other DDA accounts without the struggle of going to the bank.

You are only required to enter a username and password of your choice to complete the online transactions.

It is the easiest and fastest way to check your balance on Demand Deposit Account

A lot of financial institution uses online banking system to run their DDA accounts.

The best part of online banking is that it operates for 24hours and it gives you the freedom to transact any time.

The bank ensures that the DDA accounts holders get enough security for their deposit information.


What is the DDA deposit?

DDA stands for Demand Deposit Account. It can be described as a checking account in your bank.

Demand deposit offers the depositor an opportunity to withdraw funds at any given time

DDA deposit is much more important to the consumer; it always allows the consumer to carries day to day activity

This is the money deposited in your checking account.

It is the money deposited in your checking account and immediately made for any available transaction.

You should also note that a saving account is not a DDA account. This is due to the restrictions provided on withdrawing the money according to bank regulations.

And you should also know the money market-saving account is an example of checking account but not a Demand Deposit Account (DDA). Any money deposited in the DDA account can be withdrawn through a debit card POS transaction or check

There is a certain amount that should remain as a balance in this account.

This account does not offer any interest rate since money deposited in this account does not last long

The user of the account is given a certain period to deposit funds to cover up check

In case you withdraw money from this account using a written request also called demand then all the funds added is considered a deposit.

You are allowed an opportunity to access funds at no penalty cost, although some banks offer a little penalty.

DDA=Demand Deposit Account=Checking account

What is the DDA withdrawal?

You can withdraw money through the different form without restrictions and limitation

Online banking

⦁ The easiest and safest way of withdrawing cash using your mobile at the comfort of your house, it saves you from queuing in the banks

⦁ You only require a username and password to pay your bills, loans and purchasing good and services.

Mobile apps

· You can also withdraw money through the mobile apps in your smart phones, the mobile apps enable you to transfer money from your DDA account to other accounts, check your balances on DDA account, and pay bills and loans.

Automatic teller machines

· This is also another digital way reduces to need of getting into the bank .most of the financial institutions such as the banks give a debit card that enables user access ATM.

Banks Transaction through a Teller

· Some people still prefer to go direct to the bank to withdraw cash, and the teller will you give the amount you have removed from your DDA account.

Writing checks

· Although this is considered old fashion to access fund, most users prefer it for purchases, payment of bills and for withdrawing cash.



If you were looking for an account that you can jointly own with your spouse or friend. DDA deposit is the way to go. Both of your signs are only required when opening the account, after opening one sign is for operating that account. Each owner can deposit funds and withdraw money without the consent from the other member and the user is not limited.