Deposit Account Law and Legal Definition

According to 13 CFR 120.701 [Title 13 -- Business Credit and Assistance; Chapter I -- Small Business Administration; Part 120 -- Business Loans; Subpart G -- Microloan Program], deposit account is “a demand, time, savings, passbook, or similar account maintained with an insured depository institution (not including an account evidenced by a Certificate of Deposit).”