Identify the advantages of having certificates of deposit. Select all that apply. O easy to manage accounts O early withdrawal penalties O funds are insured through FDIC Money cannot be added to the account O highest interest rate of conservative accounts

Identify the advantages of having certificates of deposit. Select all that apply. O easy to manage accounts O early withdrawal penalties O funds are insured through FDIC Money cannot be added to the account O highest interest rate of conservative accounts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Regulation of Commercial Banks

The main function of any commercial bank is accepting deposits and lending money to borrowers. Apart from these two activities, commercial banks provide a host of other services to their customers, like discounting bills of exchange, acting as a custodian of a customer's will, and so on. In the absence of a proper regulatory framework or proper regulations in place, the commercial banks would have ended up charging exorbitant or varied rates of interest or service charges on the funds loaned by them or the services performed by them.

Question

Identify the advantages of having certificates of deposit. Select all that apply.
O easy to manage accounts
O early withdrawal penalties
O funds are insured through FDIC
O Money cannot be added to the account
O highest interest rate of conservative accounts

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