Accounts with this type of put option include demand deposits, NOW accounts (interestbearing checking accounts with minimum balance requirements), and money market accounts (interest-bearing checking accounts with minimum balance requirements and restrictions as to the number of checks written). We describe these accounts in more detail in Chapter 12. Banks typically liquidate deposit account contracts immediately upon request of the customer. Many deposit account contracts, however, give a bank some powers to delay withdrawals by requiring notification of withdrawal a certain number of days before withdrawal or by imposing penalty fees such as loss of interest.

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