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Grandfathered NOW Account
by Randy Carey, BOL Guru
Guru Bio
Question: We have a for profit business checking account that was opened in October of 1969 as a NOW account and is earning interest. We know that it's no longer allowed, but is this account acceptable because it's grandfathered in?
Answer: There were only a couple of states in the Northeast that allowed NOW accounts prior to 1981 that would be eligible for the grandfather exemption, so it may depend on the state in which you are located.
First published on BankersOnline.com 3/31/08
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