Transaction deposit

Imagine you have a piggy bank where you keep all your coins and bills. Now, let's say your mom comes and gives you five dollars. You take that money and add it to your piggy bank. This is just like a transaction deposit!

A transaction deposit is when you add money to your bank account, just like adding money to your piggy bank. This can happen when you receive money from someone else like your boss who pays you for the work you do, or when you deposit your own money into the bank.

When the bank receives your money, they credit your account with that amount. This means the bank is keeping track that you now have more money in your account.

You can use this money to buy things, withdraw it as cash from an ATM, or even transfer some of it to someone else's account.

In summary, a transaction deposit is when you add more money to your bank account, which you can use later to buy things or withdraw as cash. Just like adding money to your piggy bank when someone gives you a few extra dollars!