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Night Depository

 
Banking Dictionary: Night Depository

Bank vault accessible by key for merchant deposits after banking hours and on weekends. Many banks have night collection boxes for deposit of daily cash, checks, and credit card sales drafts. Some even have an Automated Teller Machine next to the street level depository giving the merchant an on-the-spot transaction receipt. Deposits are later proved by bank employees and credited to the merchant's account.

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Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved.  Read more