Talk:Negotiable order of withdrawal account

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Untitled

The article says, "Today, the prohibition on interest on checking accounts has been removed." I'm not so sure about that, especially when it comes to small businesses. Certainly "Interest Checking" accounts are available, but do we know if it's a workaround -- like a NOW account -- or if it's the real thing? And does the same thing apply for both sole proprietorships and small business employers? 199.244.214.30 16:59, 13 October 2006 (UTC)[reply]

I agree. From Regulation Q, "No member bank of the Federal Reserve System shall, directly or indirectly, by any device whatsoever, pay any interest on any demand deposit." It appears that only NOW accounts can pay interest, and there are still limitations on who is eligible to hold such an account. Mrwhizzard 21:27, 13 October 2006 (UTC)[reply]

I removed the offending statement. Mrwhizzard 22:30, 18 October 2006 (UTC)[reply]

Punctuation error

As it is worded and punctuated, an opening sentence in this article is WORD SALAD. Look at the comma (,) between regulations and define:

"While a negotiable order of withdrawal is essentially identical to a check drawn on a demand deposit account, US banking regulations, define the terms "demand deposit account" and "negotiable order of withdrawal account" separately, and until July 2011 Regulation Q stated that a demand deposit could not pay interest."

Should this not read:

"While a negotiable order of withdrawal is essentially identical to a check drawn on a demand deposit account, US banking regulations define the terms "demand deposit account" and "negotiable order of withdrawal account" separately, and until July 2011 Regulation Q stated that a demand deposit could not pay interest. NOW accounts were structured to comply with Regulation Q." [Emphasis mine.]

Should not the comma (,) between regulations and define be deleted? (EnochBethany (talk) 05:35, 17 May 2012 (UTC))[reply]

Done. Duoduoduo (talk) 15:54, 17 May 2012 (UTC)[reply]

Nonsense?

The article claims:

"a Negotiable Order of Withdrawal account (NOW account) is a deposit account that pays interest, on which an unlimited number of checks may be written. …until July 2011, Regulation Q stated that a demand deposit could not pay interest. NOW accounts were structured to comply with Regulation Q."

I had a checking account at my Credit Union which paid interest (& still does) and was never limited in the number of checks I could write. However, the interest for most of this time was so little & overcome by service fees often, so that it was just an annoyance at Income Tax time. Perhaps I am confused. (EnochBethany (talk) 05:47, 17 May 2012 (UTC))[reply]

Sounds like your account is a NOW account. Duoduoduo (talk) 15:56, 17 May 2012 (UTC)[reply]

map platforms

what they stealing from me 2600:1700:6C37:4800:2DE7:D45E:BD5E:695F (talk) 04:39, 19 December 2022 (UTC)[reply]