Answer:
A rose by any other name...
This is a NOW with restrictive ownership requirements or a MMDA with restrictive transaction capability. DDA's, true DDAs, don't earn interest. So the account restrictions are particular to this type of savings account. Likely you have these products now.
12 CFR Section 217.1 Authority, purpose, and scope. (b) Purpose. This regulation prohibits the payment of interest on demand deposits by member banks and other depository institutions within the scope of this regulation.
First published on BankersOnline.com 8/05/02
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