Time deposits are bank funds that are intended to be held to maturity and cannot be transferred by check.

Name: Time deposits are bank funds that are intended to be held to maturity and cannot be transferred by check.
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Time deposits, also known as certificates of deposit (CDs), are intended to be held for a specific term until maturity and usually pay higher interest rates than regular savings accounts. These funds cannot be transferred by check, as they are locked in for a set period of time.

Time Deposits Are Bank Funds That Are Intended to Be