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I apologize in advance for posting yet another odd question, but can banks use money that is on deposit in non-interest bearing accounts as reserve currency?
- Update - I believe the answer is no. My thinking is, since the funds are in a non-interest bearing account, and since a person would make his demand upon depositing a check, then the funds in the account would already be lawful money, and no signature card novation is necessary.
Last edited by Keith Alan; 01-15-13 at 08:59 PM.
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