Common use of NOW Accounts Clause in Contracts

NOW Accounts. NOW accounts are commonly called interest checking accounts. Federal law provides that NOW accounts may only be opened and used by the following customers: • Individuals (including sole proprietors); • Certain Nonprofit organizations; and • Federal, state or local governmental entities. If we believe that you are not eligible to own a NOW account, we may either close the account or convert it to another type of account. When we refer in this Agreement to checking accounts, the reference includes NOW accounts.‌‌ Demand deposit accounts are commonly called checking accounts. All types of customers can open a demand deposit account. Most demand deposit accounts do not earn interest. When we refer in this Agreement to checking accounts, the reference includes demand deposit accounts.

NOW Accounts. NOW accounts are commonly called interest checking accounts. Federal law provides that NOW accounts may only be opened and used by the following customers: • Individuals - individuals (including sole sole-proprietors); • Certain Nonprofit , - certain non-profit organizations; , and • Federal- federal, state or local governmental entities. entities If we believe that you are not eligible to own a NOW account, we may either close the account or convert it to another type of account. When we refer in this Agreement agreement to checking accounts, the reference includes NOW accounts.‌‌ accounts. Demand Deposit Accounts Demand deposit accounts are commonly called checking accounts. All types of customers can open a demand deposit account. Most demand Demand deposit accounts do not earn interest. When we refer in this Agreement agreement to checking accounts, the reference includes demand deposit accounts.