A savings account evidenced only by a computer entry for which the customer gets a monthly printout is called:
A)passbook savings account.
B)statement savings deposits.
C)negotiable order of withdrawal.
D)money market mutual fund.
E)None of the options is correct.

Question

Quizplus · Accepted Answer

A savings account that is evidenced only by a computer entry and for which the customer receives a monthly printout is commonly referred to as a statement savings account. This type of account is different from a passbook savings account, which is a physical booklet that records all transactions and must be presented to the bank for every deposit or withdrawal. A negotiable order of withdrawal (NOW) account is a type of deposit account that allows the account holder to write checks against the balance, while a money market mutual fund is an investment product that pools money from investors to purchase short-term, low-risk securities such as Treasury bills and certificates of deposit.

A Savings Account Evidenced Only by a Computer Entry for Which