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Nontransferable Deposit

A deposit (with a bank or financial institution) that is not, or cannot be, used to make payments to other parties. In other words, it is a deposit that does not entail assignment of funds in a given manner or subject to specific requirements.

Nontransferable deposits include all deposits that are not transferable (not exchangeable) on demand at par, without restrictions or penalty. Nontransferable deposits are not freely “transferable” by means of money order (cheque or giro-order, etc.) from the accountholder to other parties, either overall or only subject to specific conditions (restrictions).


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