This paper presents the results of two studies investigating the prevalence of response and non-response errors in consumer reports of demand deposits. The source of the data is two consumer panels in which sample members were selected from the files of cooperating financial institutions and continuous checks could be made, unknown to the respondents, of the reported balance of certain financial holdings. Only one of these studies was designed specifically to validate demand deposits, and this only for part of the sample, with the sample size being reduced further because of administrative difficulties. Nevertheless, the findings would seem to be of considerable interest, particularly because this appears to have been the first time that an attempt was made to measure nonsampling errors in individual consumer reports of this asset; the few previous comparisons have been in terms of aggregates.