What is a DDA?

What does DDA stand for?

demand deposit accounts

Most demand deposit accounts (DDAs) let you withdraw your money without advance notice, but the term also includes accounts that require six days or less of advance notice.

What is an example of a DDA?

For example, if you buy something online or in a store using your debit card, that’s a direct debit authorization.

Why is there a DDA on my bank account?

A demand deposit account (DDA) is a bank account from which deposited funds can be withdrawn at any time, without advance notice. DDA accounts can pay interest on the deposited funds but aren’t required to. Checking accounts and savings accounts are common types of DDAs.

Is a DDA account a checking account?

Demand deposit accounts are spending accounts that let you withdraw your cash whenever you need access to it. DDAs are just one of many types of accounts you may find at a financial institution, such as a bank or credit union, where bank accounts are typically designed to either help you save, spend or grow your money.

What does DDA mean in payroll?

demand deposit account

The abbreviation DDA usually means “demand deposit account.” This is a common abbreviation used by financial institutions to refer to a checking account from which the account holder can withdraw his funds at any time — “on demand” — without providing advance notice to the bank.