What are demand deposit accounts, time deposit accounts and money-market mutual fund accounts?
OCSE has adopted the following definitions. As defined in Baron’s Business Guides Dictionary of Banking Terms: “Money-market mutual fund accounts” are accounts in mutual funds that invest in short-term debt instruments, such as acceptances, Treasury bills, commercial paper, and negotiable certificates of deposit. Money market mutual funds are managed by investment companies registered with the Securities and Exchange Commission and the funds sell shares to investors who receive regular interest payments. As defined in 12 CFR 204.2: “Demand deposit” means a deposit that is payable on demand, or a deposit issued with an original maturity or required notice period of less then seven days, or a deposit representing funds for which the depository institution does not reserve the right to require at least seven days’ written notice of an intended withdrawal. Demand deposit accounts may be in the form of checking accounts; certified, cashier’s, teller’s and officer’s checks; traveler’s checks
