CHECKABLE DEPOSITS

Any demand deposit account against which checks or drafts of any kind may be written. Checkable deposit accounts include checking, savings and money market accounts. They also include any kind of negotiable draft, such as a Negotiable Order of Withdrawal (NOW) or Super Now account.

The Monetary Control Act of 1980 stipulates that all checks or check-like deposits made into a checkable account are added in the same category when calculating reserve requirements. Checkable accounts are offered by banks, credit unions and other savings and loan institutions, as well as most mutual fund companies.