Q:

What is a depositor account title?

A:

Quick Answer

The depositor account title indicates the ownership of the funds in a deposit account. Put simply, it is the name that appears on the deposit account record.

Continue Reading

Full Answer

Depositor account titles may be held by a single individual, a married couple, business partners or other arrangement. One of the individuals may be the primary representative or represent the power of attorney. Depositor account titles may also be held by a fiduciary or escrow company that holds funds for other parties.

Legally, the depositor legally transfers title of the funds deposited to the bank. The bank then records the funds as both an asset and a liability towards the individual(s) or entity holding the depositor account title.

Learn more about Accounting

Related Questions

  • Q:

    What information does a check form include?

    A:

    The information that typically appears on a check includes the name, address and phone number of the person or organization issuing the check along with the number for the account issuing the funds and the amount made payable. It also includes the routing number for the bank in which the account exists, the name of the check recipient and the signature of the issuing party.

    Full Answer >
    Filed Under:
  • Q:

    How do you buy Nestle stock?

    A:

    To purchase a stock such as Nestle in the United States, open a brokerage account with a firm such as TD Ameritrade, Scottrade or Fidelity, deposit funds in the account and place your order, explains The Motley Fool. Nestle trades in the over-the-counter market under the ticker symbol NSRGY, indicates Google Finance.

    Full Answer >
    Filed Under:
  • Q:

    How do you buy Amazon stock?

    A:

    Open a brokerage account and deposit funds in it to purchase stock in a company, explains the Wall Street Journal. Companies such as Charles Schwab, E-Trade, and Ameritrade provide brokerage services. Once your funds are available for trading, indicate to the brokerage the number of shares you want. Amazon trades under the symbol AMZN, shows Yahoo Finance.

    Full Answer >
    Filed Under:
  • Q:

    How do you open a Discover online savings account?

    A:

    To open a Discover online savings account, customers must complete the online application, verify the information, deposit funds, and then complete the application, states Discover. To open an account, customers need a physical address, Social Security number or taxpayer ID, email address, phone number, and bank routing and account numbers.

    Full Answer >
    Filed Under:

Explore