Talk:Negotiable Order of Withdrawal account

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The article says, "Today, the prohibition on interest on checking accounts has been removed." I'm not so sure about that, especially when it comes to small businesses. Certainly "Interest Checking" accounts are available, but do we know if it's a workaround -- like a NOW account -- or if it's the real thing? And does the same thing apply for both sole proprietorships and small business employers? 199.244.214.30 16:59, 13 October 2006 (UTC)

I agree. From Regulation Q, "No member bank of the Federal Reserve System shall, directly or indirectly, by any device whatsoever, pay any interest on any demand deposit." It appears that only NOW accounts can pay interest, and there are still limitations on who is eligible to hold such an account. Mrwhizzard 21:27, 13 October 2006 (UTC)

I removed the offending statement. Mrwhizzard 22:30, 18 October 2006 (UTC)