So many banks have NOW accounts. It’s NOW accounts this and NOW accounts that. What the heck is it?
Oxford Bank’s crack research team –some of our employees get to sit around and read dusty old books about banking history (now that is an exciting undertaking!) – has the answer to this question.
Actually NOW means “Negotiated Order of Withdrawal” which is a deposit account that pays interest. Also, you can write checks on a NOW account. Paying interest on a regular checking account is a big “you can’t do that” in the eyes of banking authorities. However, a NOW account gives you both check writing privileges AND interest.
Aren’t you glad you asked?