We have two DDAs that earn interest one is titled as a NOW account, but the other is not. The "other" is only available to individuals 55 and older. Is there a problem with this? Should I consider this "other" account a NOW account? If it is not considered a NOW account is that not a violation of Reg Q to have an account which earns interest that is not a NOW account? Finally, if it is considered a NOW account, meaning that we actually offer two NOW accounts, is it not incorrect to call one of them a NOW account without calling the other one the same?

I apologize for so many questions? Thanks for any help!

If you pay interest on a transaction account, it would have to be a NOW account and you are required to reserve the right to a seven day notice of withdrawal. (Neither would be technically DDA accounts)

You can call the account anything you want - there is no requirement to have "NOW" in the account title.

Thanks for your help!