Time deposit means a deposit that the depositor or share account holder does not have a right and is not permitted to make withdrawals from within six days after the date of deposit, unless the deposit is subject to an early withdrawal penalty of at least seven days' simple interest on amounts withdrawn within the first six days after deposit, subject to those exceptions permissible under 12 CFR Part 204, as amended from time to time;
Time deposit means a deposit that the depositor does not have a right to withdraw for a period of seven days or more from the date of deposit. A "time deposit" may be represented by a transferable or nontransferable, or a negotiable or nonnegotiable, certificate, instrument, passbook, statement, or otherwise.
Examples of Time deposit in a sentence
Funds deposited to your account, excluding any Time Deposit accounts, are available in accordance with the Disclosures.
More Definitions of Time deposit
Time deposit means a deposit of funds subject to a contract between the depositor and the depository under which the depositor may not withdraw any of the funds by check or by another manner until the expiration of a certain period following written notice of the depositor’s intent to withdraw the funds.
Time deposit means a certificate of deposit which is not transferable or negotiable, and earns interest at a fixed rate for a specific term.
Time deposit means a contract between an individual and a financial institution whereby the individual agrees to leave funds on deposit for a specified period and the financial institution agrees to pay interest at a specified rate for that period.
Time deposit means any deposit which is repayable on the expiry of a fixed period.