This includes the following types of accounts:
- Cash in Bank - Interest Bearing Checking Accounts
This account is to be used when an agency has a regular interest bearing checking account with a private financial institution.
- Cash in Bank - Savings Accounts
This account is to be used when an agency has a savings account at a financial institution. Savings accounts are time deposits. Generally passbook savings accounts are regarded as readily available funds even though banks are authorized to require up to require up to 30 days notice of withdrawal.
- Cash in Bank - Negotiable Order of Withdrawal Accounts (NOW Accounts)
This account is to be used when an agency or university has a NOW account at a bank or savings and loan institution. NOW accounts are time deposits. NOW accounts are, in effect, interest-bearing checking accounts.
- Cash in Bank - Money Market Accounts
This account is to be used when an agency has a Money Market Account at a financial institution. Money Market Accounts are time deposits. They usually require a minimum of $1,000 and only three checks may be drawn per month, although unlimited transfers may be carried out at an ATM machine. The funds are considered liquid--that is, they are available to depositors at any time without penalty. These accounts are insured by the Federal Savings and Loan Insurance Corporation.