> Here is an example [..]
Interesting, and this appears to be federally-mandated. Wow.
Are there other jurisdictions where this kind of rule exists?
I used to have savings accounts with similar terms in the UK. They have a higher interest rate.
https://www.moneysavingexpert.com/savings/savings-accounts-b...
Sure, I understand the general principle of locking up your investment for longer and [perhaps] getting better conditions, but the notice periods on those accounts aren't government-mandated, though?
Re:Tether Withdrawals Top $10B
by selectodude on Tuesday May 24, 2022 @09:28PM
(#31499604)
Sort of - to the FDIC, the difference between a savings account and a checking account is that a checking account is a "demand deposit" account that historically didn't pay interest and a savings account is a "time deposit" that does. Capital One is telling you that this savings account is a time deposit to legally categorize it as different from a demand deposit so the FDIC treats them as two separate categories and gives them both the $250,000 deposit insurance. It's federal law that requires them to delineate the two.
> Advance Notice of Withdrawal: Under federal law, we must reserve the right to require you to give us at least 7 days written notice before you take money out of your 360 Savings. (This hardly ever happens but legally we have to say it!)