But this doesn’t change the fundamental nature of your checking account it’s still a demand deposit account.ĭemand deposit accounts can be single ownership or joint. For example, if you buy something online or in a store using your debit card, that’s a direct debit authorization. Notably, the abbreviation DDA is also used for “direct debit authorization.” This is used for transactions involving debit cards. So, using your money when you need to is one of the key benefits of demand deposit accounts.
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