Law Commons^™

Markets For Money -- Does The Garn-St.Germain Money Market Deposit Account Overcompete With Mutual Funds, Betty R. Turner

Vanderbilt Law Review

Since 1980 the financial marketplace has experienced a period of rapid evolution during which financial institutions have abandoned their differentiated product and service lines, within government regulatory limits, to compete with each other in obtaining funds from depositors and investors. For example, only commercial banks historically provided checking account services; now, many depository and nondepository institutions offer transaction services similar to checking accounts. The thrift institutions --savings and loan associations, mutual savings banks, and credit unions -- provide their customers with "checking" account services through negotiable order of withdrawal (NOW) accounts and share draft accounts. Investment banking houses, nondepository institutions,introduced …