Institutions Have a Rule Requiring That Savings Account Holders Give

question 129

True/False

Institutions have a rule requiring that savings account holders give 30 to 60 days' notice for withdrawals.

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Definitions:

FMV

Fair Market Value, the price that a willing buyer and seller would agree on when both parties are informed and under no pressure to trade.

FMV

Fair Market Value, the price at which a property would sell under normal conditions.

Basis

The amount of investment in property for tax purposes, used to calculate gain or loss on the sale, exchange, or other disposition of the property.

Cash Distribution

Cash Distribution is the payment of funds from a corporation or a financial institution to a shareholder or account holder, often from profits or interest earnings.