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Time Certificate of Deposit
Source:
Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order
it here)
As
defined by Regulation D of the Board of Governors of the Federal Reserve
System, a deposit evidenced by a negotiable or nonnegotiable instrument
which provides on its face that the amount of such deposit is payable
to bearer or to any specified person or to his order (1) on a certain
date, specified in the instrument, not less than 30 days after the date
of the deposit; or (2) at the expiration of a certain specified time not
less than 30 days after the date of the instrument; or (3) upon notice
in writing which is actually required to be given not less than 30 days
before the date of repayment; and (4) in all cases, only upon presentation
and surrender of the instrument.
A deposit with respect to which the bank merely reserves the right
to require notice of not less than 30 days before any withdrawal is made
is not a time certificate of deposit within the meaning of the above definition.
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