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2 June, 22:21

6. Accessing funds in time deposit accounts is

A. restricted.

C. required on demand.

B. forbidden.

D. limited to bank employees.

+2
Answers (1)
  1. 3 June, 02:10
    0
    B. forbidden.

    Explanation:

    A time deposit account is a special saving account that specifies the maturity date of deposits made. The accounts earns a higher interest than a regular savings account. The funds in a deposit account are expected to remain in the bank until maturity.

    Withdrawing from a time account before maturity is not allowed. Should a customer demands to withdraw before maturity, he or she is penalized. The penalty may be to pay a fee to the bank or to forfeit interest earned.
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