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