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Brooke Giessen
on Dec 19, 2024

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The payee of a certificate of deposit is not allowed to withdraw the funds before the date of maturity, because the instrument is a time deposit.

Payee

The party in a financial transaction who receives payment.

Certificate Of Deposit

A savings certificate entitling the bearer to receive interest, representing a time deposit with a bank or financial institution that has a fixed maturity date.

Time Deposit

A bank deposit with a fixed term or period of maturity, often offering higher interest rates than regular savings accounts.

  • Familiarize oneself with the regulatory requirements related to the payment stipulations of negotiable instruments.
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Tristan BaucomDec 23, 2024
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