DDA stands for "demand deposit account," which is a type of bank account that allows the holder to withdraw funds or use funds for payment upon demand. The most common types of DDAs are checking and savings accounts, but money market accounts are also considered payable on demand. DDAs can pay little or no interest on the money in them, but they offer immediate access to funds without requiring advance notice. DDAs have no limitations on withdrawals or transfers, no set maturity or lockup period, and no eligibility requirements. They can have joint owners, and either owner may deposit or withdraw funds and sign checks without permission from the other owner. DDAs can also refer to direct debit authorization, which is a withdrawal from an account for purchasing a good or service.