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Bank deposits and other liabilities

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1 . Bank deposits and other liabilities

Use the following categorization table to identify transaction and nontransaction accounts.

Transaction Account

Nontransaction Account

Certificates of Deposit, CD

Demand Deposits

Money Market Deposit Accounts

Savings, or Passbook Accounts

NOW Accounts

Mr. Doherty had been a customer at the Worcester Five Cent Savings Bank in Massachusetts since 1957. In 1968, he saw the name of the bank change to Consumers Savings Bank. What else did Mr. Doherty discover about his bank at that time?

The introduction of money market deposit accounts

A requirement to re-open saving accounts every five years

A new type of a savings account that pay interest

An unusually high interest rate on saving accounts

Reference no: EM131781377

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