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Interest Bearing Checking Accounts For Real Estate Firms

Question: 
The following is a question from a branch: Are you aware of a checking account for real estate firms that allows them to earn interest? I have been told by one of our customers that the laws recently changed to allow for them to earn interest. In the past, I have put them in a Commercial Money Market account, but that of course restricts their withdrawals.
Answer: 

The laws have not recently changed. There is a bill in the House of Representatives (HR 1009) that would allow interest on business demand deposit accounts but only after a 2 year delay.

A real estate firm could have a NOW account for earnest deposits as these are on behalf of individuals.

First published on BankersOnline.com 11/11/02

First published on 11/11/2002

Filed under: 
Compliance
Filed under compliance as: 
Deposit Accounts
Estate

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