Demand deposits are best described as which of these?

1. Demand deposits consist of money kept in checking accounts that can be withdrawn by depositors on demand. 2. They cover regular checking accounts as well as interest bearing and other special types of checking account. 3. The defining feature is the right to take the money out at any moment without notice. 4. A balance locked for an agreed period is a time deposit, which is the opposite arrangement. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 15 "Understanding Money and Financial Institutions", section 15.1 Show Me the Money_