"Bank" means an institution empowered to do all banking business, including issue negotiable notes, discount notes, receive deposits payable on demand, and buy and sell bills of exchange. Savings and loan associations and other financial institutions not commonly considered to be banks do not fall within the meaning of a bank.
"Checking account" means an account on which withdrawals may be made from the account via a written instrument, including but not limited to a check, draft, or negotiable order of withdrawal (NOW). Whether or not an account pays interest does not determine whether an account qualifies as a checking account. The term "checking account" is characterized by its general meaning rather than a technical definition, and other types of accounts not described in this rule may qualify as checking accounts. Certificates of deposit do not qualify as checking accounts.
"Financial institutions" means the same as defined in Iowa Code section 423.2(6)"f."
This rule is intended to implement Iowa Code section 423.2(6)"f."
Iowa Admin. Code r. 701-211.5
ARC 8156C, IAB 7/24/24, effective 8/28/24