Negotiable Order of Withdrawal (NOW)accounts-interest-bearing savings accounts that can be used essentially the same as checking accounts-were authorized by:
A)Glass-Steagall Act.
B)Depository Institutions Deregulation and Monetary Control Act (DIDMCA).
C)Bank Holding Company Act.
D)Garn-St.Germain Depository Institutions Act.
E)None of the options is correct.

Question

Quizplus · Accepted Answer

Negotiable Order of Withdrawal (NOW) accounts were authorized by the Depository Institutions Deregulation and Monetary Control Act (DIDMCA) in 1980. This act removed many restrictions on banks and allowed them to offer new types of accounts to attract customers, including NOW accounts that pay interest and have checking-like functions.

Negotiable Order of Withdrawal (NOW)accounts-Interest-Bearing Savings Accounts That Can Be