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Deposit vs. Withdrawal: Know the Difference

Shumaila Saeed
By Shumaila Saeed || Updated on December 25, 2023
A deposit is adding funds to an account, while a withdrawal is taking funds out.
Deposit vs. Withdrawal

Key Differences

A deposit involves adding money or assets to a bank account, increasing the account balance. In contrast, a withdrawal refers to the act of removing money or assets from an account, which decreases the balance.
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Shumaila Saeed
Dec 07, 2023
Deposits are often made to save funds or earn interest, contributing to financial growth or stability. Withdrawals, on the other hand, are conducted to utilize the saved funds, often for purchases, payments, or emergencies.
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Dec 07, 2023
When making a deposit, one usually receives a deposit slip as confirmation, while a withdrawal often requires authentication, such as a PIN or signature.
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Dec 07, 2023
Deposits can be made through various methods like direct transfer, cash, or check. Withdrawals, in contrast, can be done via ATMs, checks, or electronic transfers.
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Shumaila Saeed
Dec 07, 2023
Deposits often contribute to the credit side of an account ledger, reflecting an increase in funds. Withdrawals, conversely, are recorded on the debit side, indicating a reduction in the account balance.
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Dec 07, 2023
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Comparison Chart

Purpose

To add funds or assets to an account
To remove funds or assets from an account
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Effect on Account

Increases account balance
Decreases account balance
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Dec 07, 2023

Typical Methods

Cash, checks, direct transfers
ATMs, checks, electronic transfers
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Dec 07, 2023

Documentation Required

Deposit slips, transaction confirmation
Withdrawal slips, authentication
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Dec 07, 2023

Ledger Entry

Recorded as a credit
Recorded as a debit
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Deposit and Withdrawal Definitions

Deposit

To place for safekeeping or in trust.
He deposited the documents in the safe.
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Shumaila Saeed
Dec 07, 2023

Withdrawal

A method of removing funds.
My withdrawal at the ATM was quick and easy.
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Dec 07, 2023

Deposit

To put or set down; place.
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Oct 19, 2023

Withdrawal

Taking money out of a financial account.
She made a withdrawal of $200 from her checking account.
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Dec 07, 2023

Deposit

To lay down or leave behind by a natural process
Layers of sediment that were deposited on the ocean floor.
Glaciers that deposited their debris as they melted.
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Withdrawal

Discontinuing involvement in an activity.
His withdrawal from the race surprised everyone.
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Dec 07, 2023

Deposit

To give over or entrust for safekeeping.
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Oct 19, 2023

Withdrawal

Stopping the use of a substance.
He experienced withdrawal symptoms after quitting smoking.
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Shumaila Saeed
Dec 07, 2023

Deposit

To put (money) in a bank or financial account.
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Oct 19, 2023

Withdrawal

A retreat or retirement
The dinner guests' withdrawal to the den.
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Shumaila Saeed
Oct 19, 2023

Deposit

To give as partial payment or security.
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Oct 19, 2023

Withdrawal

The removal of people from a place, as in the removal of troops from a military position.
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Oct 19, 2023

Deposit

To become deposited; settle.
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Oct 19, 2023

Withdrawal

Detachment, as from social or emotional involvement.
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Shumaila Saeed
Oct 19, 2023

Deposit

Something, such as money, that is entrusted for safekeeping, as in a bank.
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Oct 19, 2023

Withdrawal

A removal of something that has been deposited, as in an account.
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Oct 19, 2023

Deposit

The condition of being deposited
Funds on deposit with a broker.
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Oct 19, 2023

Withdrawal

Discontinuance of the use of a drug or other substance, especially one that is addictive.
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Oct 19, 2023

Deposit

A partial or initial payment of a cost or debt
Left a $100 deposit toward the purchase of a stereo system.
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Oct 19, 2023

Withdrawal

The physiological and mental reaction to such discontinuance, often characterized by distressing symptoms
Is going through withdrawal from opioids.
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Oct 19, 2023

Deposit

A sum of money given as security for an item acquired for temporary use.
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Withdrawal

(Informal) A condition likened to that which is experienced when discontinuing use of an addictive substance
Has been going through withdrawal since his favorite show ended.
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Oct 19, 2023

Deposit

A depository.
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Oct 19, 2023

Withdrawal

The act or an instance of retracting or revoking
Feared the withdrawal of his parents' permission.
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Deposit

(Geology) A concentration of mineral matter or sediment in a layer, vein, or pocket
Iron ore deposits.
Rich deposits of oil and natural gas.
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Oct 19, 2023

Withdrawal

Coitus interruptus.
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Oct 19, 2023

Deposit

(Physiology) An accumulation of organic or inorganic material, such as a lipid or mineral, in a body tissue, structure, or fluid.
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Oct 19, 2023

Withdrawal

Receiving from someone's care what one has earlier entrusted to them. Usually refers to money.
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Oct 19, 2023

Deposit

A sediment or precipitate that has settled out of a solution.
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Oct 19, 2023

Withdrawal

A method of birth control which consists of removing the penis from the vagina before ejaculation.
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Oct 19, 2023

Deposit

A coating or crust left on a surface, as by evaporation or electrolysis.
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Oct 19, 2023

Withdrawal

A type of metabolic shock the body undergoes when a substance, usually a toxin such as heroin, to which a patient is dependent is withheld. Sometimes used with the substance as modifier.
Heroin withdrawal
Nicotine withdrawal
Caffeine withdrawal
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Oct 19, 2023

Deposit

(geology) Sediment or rock that is not native to its present location or is different from the surrounding material. Sometimes refers to ore or gems.
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Oct 19, 2023

Withdrawal

An act of withdrawing or a state of being withdrawn.
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Oct 19, 2023

Deposit

That which is placed anywhere, or in anyone's hands, for safekeeping; something entrusted to the care of another.
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Oct 19, 2023

Withdrawal

The sum of money taken from a bank account.
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Oct 19, 2023

Deposit

(banking) Money placed in an account.
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Shumaila Saeed
Oct 19, 2023

Withdrawal

The act of withdrawing; withdrawment; retreat; retraction.
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Oct 19, 2023

Deposit

Anything left behind on a surface.
A mineral deposit
A deposit of seaweed on the shore
A deposit of jam on my countertop
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Oct 19, 2023

Withdrawal

A retraction of a previously held position
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Oct 19, 2023

Deposit

(finance) A sum of money or other asset given as an initial payment, to show good faith, or to reserve something for purchase.
They put down a deposit on the apartment.
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Shumaila Saeed
Oct 19, 2023

Withdrawal

The act of taking out money or other capital
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Oct 19, 2023

Deposit

A sum of money given as a security for a borrowed item, which will be given back when the item is returned, e.g. a bottle deposit or can deposit
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Oct 19, 2023

Withdrawal

The act of withdrawing
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Oct 19, 2023

Deposit

A place of deposit; a depository.
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Oct 19, 2023

Withdrawal

Avoiding emotional involvement
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Deposit

(transitive) To lay down; to place; to put.
A crocodile deposits her eggs in the sand.
The waters deposited a rich alluvium.
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Oct 19, 2023

Withdrawal

Formal separation from an alliance or federation
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Oct 19, 2023

Deposit

To lay up or away for safekeeping; to put up; to store.
To deposit goods in a warehouse
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Shumaila Saeed
Oct 19, 2023

Withdrawal

The termination of drug taking
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Oct 19, 2023

Deposit

To entrust one's assets to the care of another. Sometimes done as collateral.
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Shumaila Saeed
Oct 19, 2023

Withdrawal

The act of retreating or pulling back.
The army's withdrawal was strategic.
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Dec 07, 2023

Deposit

(transitive) To put money or funds into an account.
I had to deposit two months' rent into my landlord's account before he gave me the keys.
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Shumaila Saeed
Oct 19, 2023

Deposit

To lay aside; to rid oneself of.
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Oct 19, 2023

Deposit

To lay down; to place; to put; to let fall or throw down (as sediment); as, a crocodile deposits her eggs in the sand; the waters deposited a rich alluvium.
The fear is deposited in conscience.
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Oct 19, 2023

Deposit

To lay up or away for safe keeping; to put up; to store; as, to deposit goods in a warehouse.
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Oct 19, 2023

Deposit

To lodge in some one's hands for safe keeping; to commit to the custody of another; to intrust; esp., to place in a bank, as a sum of money subject to order.
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Oct 19, 2023

Deposit

To lay aside; to rid one's self of.
If what is written prove useful to you, to the depositing that which I can not but deem an error.
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Shumaila Saeed
Oct 19, 2023

Deposit

That which is deposited, or laid or thrown down; as, a deposit in a flue; especially, matter precipitated from a solution (as the siliceous deposits of hot springs), or that which is mechanically deposited (as the mud, gravel, etc., deposits of a river).
The deposit already formed affording to the succeeding portion of the charged fluid a basis.
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Oct 19, 2023

Deposit

A natural occurrence of a useful mineral under the conditions to invite exploitation.
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Oct 19, 2023

Deposit

That which is placed anywhere, or in any one's hands, for safe keeping; something intrusted to the care of another; esp., money lodged with a bank or banker, subject to order; anything given as pledge or security.
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Shumaila Saeed
Oct 19, 2023

Deposit

A bailment of money or goods to be kept gratuitously for the bailor.
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Oct 19, 2023

Deposit

A place of deposit; a depository.
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Oct 19, 2023

Deposit

The phenomenon of sediment or gravel accumulating
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Oct 19, 2023

Deposit

Matter deposited by some natural process
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Oct 19, 2023

Deposit

The natural process of laying down a deposit of something
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Oct 19, 2023

Deposit

Money deposited in a bank
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Oct 19, 2023

Deposit

A partial payment made at the time of purchase; the balance to be paid later
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Shumaila Saeed
Oct 19, 2023

Deposit

Money given as security for an article acquired for temporary use;
His deposit was refunded when he returned the car
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Shumaila Saeed
Oct 19, 2023

Deposit

A payment given as a guarantee that an obligation will be met
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Oct 19, 2023

Deposit

A facility where things can be deposited for storage or safekeeping
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Oct 19, 2023

Deposit

The act of putting something somewhere
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Oct 19, 2023

Deposit

Fix, force, or implant;
Lodge a bullet in the table
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Oct 19, 2023

Deposit

Put into a bank account;
She deposites her paycheck every month
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Oct 19, 2023

Deposit

Put (something somewhere) firmly;
She posited her hand on his shoulder
Deposit the suitcase on the bench
Fix your eyes on this spot
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Shumaila Saeed
Oct 19, 2023

Deposit

Placing money into a financial account.
I made a deposit of $500 into my savings account.
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Shumaila Saeed
Dec 07, 2023

Deposit

A sum payable as a first installment.
We put down a deposit on the new car.
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Shumaila Saeed
Dec 07, 2023

Deposit

A natural accumulation of resources.
The region is rich in mineral deposits.
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Shumaila Saeed
Dec 07, 2023

Deposit

A returnable sum paid to cover potential damage.
We paid a deposit for the apartment rental.
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Shumaila Saeed
Dec 07, 2023

Repeatedly Asked Queries

What is a deposit?

It's adding money or assets to a bank account.
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Shumaila Saeed
Dec 07, 2023

How do I make a deposit?

You can deposit via cash, check, or electronic transfer.
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Dec 07, 2023

Can I withdraw money from any ATM?

Yes, but fees may apply if it's not your bank's ATM.
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Dec 07, 2023

Are withdrawals instant?

Generally, yes, but it can vary based on the method.
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Shumaila Saeed
Dec 07, 2023

Is there a fee for deposits?

Usually, there are no fees for making a deposit.
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Shumaila Saeed
Dec 07, 2023

Are there limits to deposits?

Some accounts have maximum deposit limits.
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Dec 07, 2023

Can I cancel a withdrawal?

Once processed, withdrawals typically cannot be canceled.
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Dec 07, 2023

Are withdrawals taxable?

They can be, particularly from retirement accounts.
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Dec 07, 2023

How long does a deposit take to clear?

It varies, but usually 1-2 business days.
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Dec 07, 2023

Do all accounts accept deposits?

Most do, but some specialized accounts may have restrictions.
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Dec 07, 2023

What is a withdrawal limit?

It's the maximum amount you can withdraw at once or in a given period.
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Shumaila Saeed
Dec 07, 2023

Do deposits earn interest?

Yes, in interest-bearing accounts like savings accounts.
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Shumaila Saeed
Dec 07, 2023

Can I withdraw money in a different currency?

Yes, at ATMs or banks that offer foreign currency exchange.
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Shumaila Saeed
Dec 07, 2023

What is a withdrawal?

It's removing money or assets from an account.
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Shumaila Saeed
Dec 07, 2023

How do I know if my deposit is secure?

Ensure your bank is FDIC insured or has similar protection.
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Shumaila Saeed
Dec 07, 2023

Can I withdraw to pay bills?

Yes, withdrawals can be used for bill payments.
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Shumaila Saeed
Dec 07, 2023

Are there penalties for early withdrawal?

Yes, especially in fixed deposits or retirement accounts.
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Shumaila Saeed
Dec 07, 2023

What's a direct deposit?

It's an electronic transfer of funds directly into your account.
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Shumaila Saeed
Dec 07, 2023

What happens if I deposit a bad check?

The deposit will be reversed, and you may face fees.
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Shumaila Saeed
Dec 07, 2023

Can I track my deposits and withdrawals?

Yes, through bank statements or online banking.
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Shumaila Saeed
Dec 07, 2023

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Shumaila Saeed
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Shumaila Saeed
Shumaila Saeed, an expert content creator with 6 years of experience, specializes in distilling complex topics into easily digestible comparisons, shining a light on the nuances that both inform and educate readers with clarity and accuracy.

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