a contract between a customer and a bank whereby the bank obliges itself to honour cheques up to the amount deposited with the bank or up to an agreed overdraft limit. The overdraft is effectively a loan.
The five-year protected FTSE 100 deposit account provides an opportunity to invest in a capital protected product for those advisers seeking a slightly longer-term and more traditional growth payoff for their client base.
Built on its flagship software platform, Memento Security, Memento's New Account Fraud Solution enables banks and credit unions to detect and prevent deposit account fraud during a particularly vulnerable period--the initial months following account opening.
The bank will provide traditional banking products including checking, savings, certificate of deposit accounts and IRAs, as well as a full range of services including direct deposit, debit card and stored-value card services.