DEFINITION of 'Night Depository'
A bank drop box where merchants can deposit their daily cash, checks and credit card slips outside of banking hours. The bank collects the deposits and credits them to the merchant's account on the following business day.
INVESTOPEDIA EXPLAINS 'Night Depository'
Night depositories provide additional security for merchants, since they don't have to keep this money at their business location overnight, where it could be vulnerable to theft.
Instead of the envelopes that individual customers use to make bank deposits at ATMs, merchants often use lockable zippered bags, which are more secure and hold a larger volume of paper.
Any type of financial account that is owned and used by a business ...
A small written form that is sometimes used to deposit funds ...
A transactional deposit account held at a financial institution ...
1. A transaction involving a transfer of funds to another party ...
An electronic banking outlet, which allows customers to complete ...
Definition of an authorized user of a credit card.