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NOW Accounts - Are FIs a Government Entity?

Answered by: 
John Burnett
Randy Carey

Question: 
Are financial institutions included in the "government entity" provision for NOW account eligibility?
Answer: 

Answer by Randy Carey: No, they are typically for-profit entities and would not be eligible for a NOW account.

Answer: 

Answer by John Burnett: Credit unions, although they are not-for-profit, are expressly not permitted to be a NOW account depositor at a bank.

First published on BankersOnline.com 6/01/09

First published on 06/01/2009

Filed under: 
Compliance
Filed under compliance as: 
NOW Accounts

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