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> Here is an example [..] Interesting, and this appears to be federally-mandated. Wow. Are there other jurisdictions where this kind of rule exists?
by logifail 4y ago
> Here is an example [..]
Interesting, and this appears to be federally-mandated. Wow.
Are there other jurisdictions where this kind of rule exists?
- Symbiote 4y agoI used to have savings accounts with similar terms in the UK. They have a higher interest rate. https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#notice https://www.moneysavingexpert.com/savings/savings-accounts-b...
- logifail 4y agoSure, I understand the general principle of locking up your investment for longer and [perhaps] getting better conditions, but the notice periods on those accounts aren't government-mandated, though?
- selectodude 4y agoSort of - to the FDIC, the difference between a savings account and a checking account is that a checking account is a "demand deposit" account that historically didn't pay interest and a savings account is a "time deposit" that does. Capital One is telling you that this savings account is a time deposit to legally categorize it as different from a demand deposit so the FDIC treats them as two separate categories and gives them both the $250,000 deposit insurance. It's federal law that requires them to delineate the two.