CDs and Money Markets
Answered by BOL Gurus Mary Beth Guard and Jack Holzknecht Bios
Question: Would a time deposit CD or Money Market account be a 'covered account'?
Answer: It appears that both arrangements qualify as "covered accounts." The term "account" includes a deposit account that involves a continuing relationship. The term "covered account" has two meanings (see page 13 of the program materials.) A money market account appears to fit the first definition. A time deposit appears to meet the second definition.
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