Q:

What is a DDA number?

A:

Quick Answer

A DDA number is the account number of a checking account, or demand deposit account. A checking account and a DDA refer to the same financial instrument.

Know More
What is a DDA number?
Credit: Dennis O'Clair The Image Bank Getty Images

Full Answer

A check as issued by a bank features two number codes at the very bottom. The of 9-digit numbers to the left is known as the American Banker's Association number or bank routing number, used to identify the specific bank where the account is located. Beside it to the right is the DDA or checking account number, which is specific to each individual account.

Most consumer bank accounts or DDAs allow the owner to withdraw money at any time but in some instances may require a waiting period of a few days.

A NOW account is a different type. The acronym refers to a negotiable order of withdrawal account. This operates similar to a checking account held by a bank or credit union but a NOW account also accrues interest on the balance. In this case, the financial institution has the right to require 7 days notice before any withdrawal of funds. However, in practice this is seldom done.

While checking privileges are available on some other types of accounts, including money market funds and loan accounts, DDAs and NOW accounts are those typically chosen for everyday use by individuals.

Learn more about Bank Accounts

Related Questions

  • Q:

    Where can I find my Chase Bank routing number?

    A:

    The Chase routing number associated with a checking account can be found printed on the lower-left edge of a blank check. The routing number is made up of nine digits with a special three-dot symbol immediately preceding and following the number.

    Full Answer >
    Filed Under:
  • Q:

    What do the numbers on my personal checks mean?

    A:

    The sets of numbers typically included on a personal check are the routing number, the account number and the check number, explains The Nest. The first number, the routing number, is always nine digits in length.

    Full Answer >
    Filed Under:
  • Q:

    How do you close a personal bank account?

    A:

    To close a bank account, send a written request to close the account, along with contact information, personal information, account number and any other required documentation, according to About.com. Banks send the remaining account balance and a letter of verification once the request to close the account is finalized.

    Full Answer >
    Filed Under:
  • Q:

    How do you open a checking account?

    A:

    A person can open a checking account by choosing a bank, meeting a bank representative, giving the necessary information and agreeing to the conditions of the account, according to About.com. It's important to ask a bank official about fee structures and minimum deposits before starting an account.

    Full Answer >
    Filed Under:

Explore