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Can we offer NOW accounts to businesses?

Question: 
Since Reg Q was eliminated, Marketing wants to start offering NOW accounts to business customers. Can we do that?
Answer: 

You’d better rein in your marketing staff. There’s still a significant obstacle – the law permitting NOW accounts hasn’t changed, and neither has the list of customer types who are eligible to hold a NOW account. You can offer interest-bearing checking accounts to businesses, but stay away from the NOW account label. And there are other technical requirements to address as well.
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First published on 05/07/2017

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