Deposit currency

Deposit currency are the demand deposit liabilities of banks. This is the total amount held in bank accounts subject to immediate withdrawal or transfer to another account upon presentation of a check duly signed by the owner of such a bank account. It is sometimes referred to as checkbook money. Like banknotes, deposit currency is a money substitute and "money in the broader sense". Only the monetary reserves held against their withdrawal are "money in the narrower sense". The amount of deposit currency in excess of the reserves held against withdrawal is "fiduciary media".