The large American commercial bank that first developed the money market CD was:

Question

Quizplus · Accepted Answer

First National City Bank, which later became Citibank, was the first large American commercial bank to develop the money market certificate of deposit (CD). This innovation was part of the bank's efforts to attract more deposits by offering a new type of investment that could compete with money market funds, especially during periods of high interest rates.

The Large American Commercial Bank That First Developed the Money