Financial Services Industry
Industry: Email Alert RSS FeedRecast MMDA in a business image, ABA petitions Fed.(money market deposit account, American Bankers Association, Federal Reserve Board)
ABA Banking Journal, July, 1997 by Cocheo, Steve
The American Bankers Assn wants the US Federal Reserve Board to introduce a new money market deposit account for businesses because businesses cannot have negotiable order of withdrawal accounts or NOW accounts. The request was introduced on Jun 4, 1997, and the association believes it will receive an answer within 90 days. The association does not believe the Federal Reserve Board has done everything it can to enable banks to compete successfully in the financial services sector.
Citing the damage caused to community banks by the prevalence of "sweep" account services, ABA filed a formal petition asking the Federal Reserve to authorize a new form of money market deposit account that would be attractive to businesses that are ineligible for NOW accounts.
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