TeachMeFinance.com - explain jumbo certificate
jumbo certificate -- a certificate of deposit of $100,000 or more, exempt from regulatory interest rate ceilings and usually paying a market rate of interest. Jumbo CDs resulted when the Federal Reserve in 1973 amended Regulation Q to exempt time deposits of $100,000 or more from regulatory interest rate limits.
About the author
Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.