Sentence examples for transaction accounts from inspiring English sources
Mr. Bove added: "The bank also apparently opened 1.5 million false transaction accounts?
About $1.5 trillion in transaction accounts would be affected, according to the Independent Community Bankers of America, and industry officials said they expected $200 billion to $300 billion to move out of banks if the program ended.
The chief executive, James L. Dimon, said retail operations "had net growth in transaction accounts for the first time in nearly three years" and that nonperforming commercial loans were down for the first time in three years.
Managed through the Federal Deposit Insurance Corporation, the so-called Transaction Account Guarantee program provides unlimited federal deposit insurance to what are known as transaction accounts — basically noninterest-bearing accounts generally used by businesses for payroll, accounts payable and other immediate needs.
"I think most of them are going to take a look at the competitive landscape, and see if it would give them an advantage to offer interest on transaction accounts," said Bob Seiwert, a vice president of the American Bankers Association.
The company also offers passbook and statement savings accounts, interest-bearing transaction accounts, checking accounts, money market accounts, time deposits, IRA accounts and qualified retirement plans.
The arrangement, known as the Transaction Account Guarantee program, was created during the financial crisis to help shore up banks by increasing their deposit base.
Anticipation of the expiration of the Transaction Account Guarantee has led to flows out of large, interest-free bank deposits into t-bills.
The accounts, which are permitted to pay interest at no more than a 0.5percentt rate, are offered under a new federal venture called the Transaction Account Guarantee Program.
The Transaction Account Guarantee program is financed through assessments on banks by the F.D.I.C., similar to the standard deposit insurance program.
"This is not designed to be a transaction account," says Greg McBride, senior financial analyst at Bankrate.com "The money is liquid you can get to it whenever you need it.
