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Money Market Certificate and Deposit Account
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

Money Market Certificate

Certificates authorized for commercial banks and thrift institutions with minimum denominations originally at $10,000 and reduced to $2,500; interest rate based on the 26-week U.S. Treasury bill rate.

Money Market Deposit Account  (MMDA)

A savings account authorized in 1982 under the Depository Institutions Deregulation Act (Garn-St. Germain Act).  MMDAs are in effect a relatively high-yielding, liquid savings account with no interest rate ceiling.  Rates are set by the bank.  A seven-day hold is permitted on withdrawals; up to six preauthorized third-party withdrawals are permitted per month, of which three can be checks.  Regulatory rules phased in minimum deposit requirements.  The original minimum balance requirement of $2,500 was lowered to $1,000 on January 1, 1985 , and eliminated in 1986.  

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