If none of the above criteria are met, cIf none of the above criteria are met, classify the deposit as a transaction deposit.

Means all customers’ deposits, other than transaction deposits.

Non-transaction deposits have limited access (e.g. only a limited number or value of withdrawals may be made from the account in a given period), incur penalties or fees (e.g. the loss of bonus interest, withdrawal fees), or have other restrictions on use of funds for payment or withdrawal.

It includes:

fixed-term deposits;
notice of withdrawal accounts, for which there is no fixed term but for which written notice is required at least the day before funds can be withdrawn or transferred out of the account;
savings deposits with restrictions or limitations on payments or withdrawals; and
money-market deposit accounts.

It excludes: savings deposits linked to an account from which payments may be made to third parties (e.g. Automated Teller Machines, debit card or another electronic device) where funds may be transferred to the linked account almost instantaneously and subsequently withdrawn or transferred to a third party on demand.

In practice, classify a deposit as non-transaction deposits where any of the following criteria are met:

• more than 24 hours’ notice is required to withdraw or transfer funds from the account;
• the funds cannot be directly withdrawn, used for payment to a third party, or instantaneously transferred to a linked account from which either of these types of transactions can be conducted;
• there is a restriction on the number of withdrawals or transfers than can be made (e.g. maximum of two withdrawals a month) or the rate of interest charged on the deposit differs based on whether a certain number of withdrawals have been made (e.g. bonus savings accounts); or
• there is a restriction on or penalty charged for early withdrawal or transfer of funds (such as loss of interest earned on the remaining funds or a penalty fee other than a transaction fee).

If none of the above criteria are met, classify the deposit as a transaction deposit.