Answer :
The correct answer is option D - in the 1980s as a way for bank customers to invest in the stock market. The now accounts were developed in the 1980s to provide bank clients with a means of making stock market investments. The Banking Act of 1933, which was passed during the Great Depression, prompted the development of now accounts.
- More about now accounts :
- Now accounts are basically checking accounts where the money you put earns interest. The bank or credit union has the authority to demand at least 7 days' notice in writing of a withdrawal with a NOW account, though this is infrequently done.
- Now accounts vary from demand deposit accounts in that a withdrawal must be authorized by the bank according to the terms of the account agreement, which must state that the bank has the right to request seven days' notice. All sorts of depositors may open an interest-bearing checking account, which does not require advance notice of withdrawals.
- They typically don't have a maturity term and don't ask the account holder to notify them when they want to withdraw money. If they do, the notice must be given less than seven days in advance, and the need must be specified in the deposit contract.
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