Certificates of deposits (CDs)and saving certificates are classified as time deposits,which means that advance notice is required to make a withdrawal.

Name: Certificates of deposits (CDs)and saving certificates are classified as time deposits,which means that advance notice is required to make a withdrawal.
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Time deposits, like CDs and savings certificates, require the depositor to wait until the maturity date or provide advance notice for withdrawal to avoid penalties.

Certificates of Deposits (CDs)and Saving Certificates Are Classified as Time