Savers can forget about the days they were earning 5 percent or more by depositing money into savings accounts.
Customers use it by depositing money in the M-PESA kitty via 19, 000 local shops that are signed up to the system.
Many of us learned in economics 101 that banks create money by depositing the proceeds of a loan in the borrower's checking account, but the total money created is controlled by central banks through the minimal reserves that banks must maintain with them, the fractional reserve system.
Prosecutors say Crundwell began depositing Dixon's money in a secret bank account in January 1991 and continued doing so until her arrest in April 2012.
BBC: Rita Crundwell jailed for $53m theft from Dixon, Illinois
Instead of directly depositing their U.S. drug profits in a financial institution, drug networks are increasingly moving the money in bulk over the border, depositing the funds in a Mexican exchange house, and then wiring the dirty money to Colombia through U.S. banks.
They also could ask about the church's procedures for collecting, depositing and accounting for the money.
For this purpose, many offshore banks want additional documentation, noting from where the money you are depositing in the bank is coming.
As we discussed in last month Monetary Watch , the recent acceleration in uncovered money substitutes is no longer just about depositors liquidating time and other term deposits in favor of instantly redeemable demand and savings deposits (in Austrian speak, bank depositors liquidating credit claims, raising cash, then depositing and holding that cash in money substitute form with those same banks).
For years, the Mets and Sterling used Mr. Madoff's firm as a virtual bank account, depositing everything from ticket revenue to deferred compensation for players to Sterling employees' 401(k) money with the firm, according to a person familiar with the team's finances.
WSJ: Baseball's Mets, Ensnared in Madoff Scheme, Hope to Sell Off Piece by June
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