A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank, and represent the amount owed by the bank to the customer. Some banks charge a fee for this service, while others may pay the customer interest on the funds deposited.

Major types

Legal framework

The banking terms "deposit" and "withdrawal" tend to obscure the economic substance and legal essence of transactions in a deposit account. From a legal and financial accounting standpoint, the term "deposit" is used by the banking industry in financial statements to describe the liability owed by the bank to its depositor, and not the funds (whether cash or checks) themselves, which are shown an asset of the bank. For example, a depositor opening a checking account at a bank in the United States with $100 in currency surrenders legal title to the $100 in cash, which becomes an asset of the bank. On the bank's books, the bank debits its currency and coin on hand account for the $100 in cash, and credits a liability account (called a demand deposit account, checking account, etc.) for an equal amount. (See double-entry bookkeeping system.) In the audited financial statements of the bank, on the balance sheet, the $100 in currency would be shown as an asset of the bank on the left side of the balance sheet, and the deposit account would be shown as a liability owed by the bank to its customer, on the right side of the balance sheet. The bank's financial statement reflects the economic substance of the transaction -- which is the bank has actually borrowed $100 from its depositor and has contractually obliged itself to repay the customer according to the terms of the demand deposit account agreement. To offset this deposit liability, the bank now owns the actual, physical funds deposited, and shows those funds as an asset of the bank.

Typically, an account provider will not hold the entire sum in reserve, but will loan the money at interest to other clients, in a process known as fractional-reserve banking. It is this process which allows providers to pay out interest on deposits.

By transferring the ownership of deposits from one party to another, they can replace physical cash as a method of payment. In fact, deposits account for most of the money supply in use today. For example, if a bank in the United States makes a loan to a customer by depositing the loan proceeds in the customer's checking account, the bank typically records this event by debiting an asset account on the bank's books (called loans receivable or some similar name) and credits the deposit liability or checking account of the customer on the bank's books. From an economic standpoint, the bank has essentially created economic money (although obviously not legal tender). The customer's checking account balance has no dollar bills in it, as a demand deposit account is simply a liability owed by the bank to its customer. In this way, commercial banks are allowed to increase the money supply (without printing currency, or legal tender).

Regulatory protection

Bank deposits may also be insured by a deposit insurance scheme, if applicable.

See also

Category:Banking terms and equipment

In Persia, the title "the Great" at first seems to be a colloquial version of the Old Persian title "Great King". This title was first used by the conqueror Cyrus II of Persia.

The Persian title was inherited by Alexander III of Macedon (336–323 BC) when he conquered the Persian Empire, and the epithet "Great" eventually became personally associated with him. The first reference (in a comedy by Plautus) assumes that everyone knew who "Alexander the Great" was; however, there is no earlier evidence that Alexander III of Macedon was called "''the Great''".

The early Seleucid kings, who succeeded Alexander in Persia, used "Great King" in local documents, but the title was most notably used for Antiochus the Great (223–187 BC).

Later rulers and commanders began to use the epithet "the Great" as a personal name, like the Roman general Pompey. Others received the surname retrospectively, like the Carthaginian Hanno and the Indian emperor Ashoka the Great. Once the surname gained currency, it was also used as an honorific surname for people without political careers, like the philosopher Albert the Great.

As there are no objective criteria for "greatness", the persistence of later generations in using the designation greatly varies. For example, Louis XIV of France was often referred to as "The Great" in his lifetime but is rarely called such nowadays, while Frederick II of Prussia is still called "The Great". A later Hohenzollern - Wilhelm I - was often called "The Great" in the time of his grandson Wilhelm II, but rarely later.

Rulers

Religious figures

Other

See also

Notes

Category:Monarchs Great, List of people known as The Category:Greatest Nationals Category:Epithets

He is the great-grandson of George Taylor Fulford.

In the early 1980s he came to Japan to study at Sophia University. After receiving a B.A. from the University of British Columbia he returned to Japan in the mid-1980s to pursue a career in journalism. He worked in Japan as a correspondent for Knight Ridder, the ''International Financing Review'', the ''Nihon Keizai Shimbun'' English edition, and the ''South China Morning Post'' before moving to ''Forbes'' magazine, where he was the Asian Bureau chief from 1998 to 2005. After leaving ''Forbes'' he wrote a series of books in Japanese. He conducted an interview with the reclusive David Rockefeller in November 2007 .

On July 14, 2009 the Tokyo District Court awarded American broadcast journalist Steven L. Herman more than Yen 1,700,000 (115K euro) in the civil libel case brought against Fulford and his publisher (Herman vs. Fulford, Fusosha & M. Katagiri).

After the 2011 Tōhoku earthquake and tsunami, Fulford claimed on Japanese television that "[t]he American government in cooperation with [the] Federal Reserve, the Rockefellers, and other powerful groups, they are planning the eruption of Mt. Fuji Volcano. The earthquake and the tsunami was March 11th, 2011, 03.11.11. The Mt. Fuji Eruption they are planning is for April 11th, 2011." Fulford attributed the earthquake, tsunami and his predicted eruption of Mt. Fuji to HAARP, a scientific facility used by physicists to research the upper atmosphere.

References

External links

Category:1961 births Category:Living people Category:Conspiracy theorists Category:Canadian journalists Category:University of British Columbia alumni Category:Japanese people of Canadian descent Category:Naturalized citizens of Japan Category:Date of birth missing (living people) Category:Place of birth missing (living people)

Koyczan has published two books, poetry collection ''Visiting Hours'', and ''Stickboy'', a novel in verse. ''Visiting Hours'' was selected by both the ''Guardian'' and'' Globe and Mail'' for their 2005 Best Books of the Year lists.

Koyczan’s "We Are More" and Ivan Bielinski’s "La première fois", commissioned by the Canadian Tourism Commission, were unveiled at Canada Day festivities on Parliament Hill in Ottawa on 1 July 2007. Koyczan performed a variation on his piece at the Opening Ceremony of the 2010 Winter Olympics in Vancouver.

Koyczan also collaborated on Vancouver-based musician Dan Mangan's ''Roboteering'' EP on the track ''Tragic Turn of Events - Move Pen Move''.

Bibliography

Discography

With Tons of Fun University (ToFU):

As Shane Koyczan and The Short Story Long:

Filmography

Notes

External links

Category:1976 births Category:Living people Category:Canadian poets Category:Writers from British Columbia Category:People from Penticton Category:People from Yellowknife Category:Spoken word poets Category:Writers from the Northwest Territories Category:Canadian spoken word artists