Technically, a bank can require depositors to give prior notice before they withdraw funds from time deposits.

Question

Quizplus · Accepted Answer

This is because time deposits have a fixed maturity date and are meant to be held until maturity. Withdrawing funds before maturity can result in penalties or fees. Therefore, some banks may require prior notice in order to ensure that they have sufficient funds available to cover the withdrawal.

Technically, a Bank Can Require Depositors to Give Prior Notice