#1
4th January 2017, 05:24 PM
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DDA Account Citibank
Can you tell me in detail about the Demand Deposit Accounts (DDA) facility offered by Citibank for its clients?
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#2
5th January 2017, 11:26 AM
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Re: DDA Account Citibank
Demand Deposit Account is a U.S. dollar checking account maintained at Citibank, N.A. where funds are held and may be managed and accessed by clients. One can receive credits or withdraw U.S. dollar funds on demand without restriction or penalty. A New York Demand Deposit Account (DDA) also allows issuing cheques drawn on Citibank New York. These cheques may be customized to bear name. There is also the option of having the cheques customized to meet specific requirements. Benefits Efficiency: Direct access to the US Clearing systems results in more expedient access to funds from cheque deposits and wires into these accounts Protection: United States Sovereign Risk Interest potential: Interest from Sweep Investments is credited daily based on predetermined minimum investment requirements. Convenience: Offers the ability to issue cheques drawn on a US bank – widely accepted by beneficiaries. Requirements Incorporation documentation for company and the Company Board of Directors' resolution authorizing the opening of the account and those persons authorized to sign. These must be original documents signed by the duly authorized persons in company, usually the Chairman and Company Secretary. Account opening documentation |
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