Deposits designed to attract customers who wish to set aside money in anticipation of future expenditures or financial emergencies are called:
A)drafts.
B)second-party payment accounts.
C)thrift deposits.
D)transaction accounts.
E)None of the options is correct.

Question

Quizplus · Accepted Answer

Thrift deposits, such as savings accounts or money market accounts, are typically used to set aside money for future expenses or emergencies. They often offer higher interest rates than transaction accounts like checking accounts and allow for limited withdrawals, making them a popular choice for those looking to save money. Drafts and second-party payment accounts are not typically used for this purpose.

Deposits Designed to Attract Customers Who Wish to Set Aside