### Question
How does BANK RESERVES define nonpersonal time deposits?


### Answer
Under *12 U.S.C. § 461*, **nonpersonal time deposits** is defined as:

> a transferable time deposit or account or a time deposit or account representing funds deposited to the credit of, or in which any beneficial interest is held by, a depositor who is not a natural person

#### Citation:
  - *12 U.S.C. § 461*
  - Heading: **CHAPTER 3-FEDERAL RESERVE SYSTEM > SUBCHAPTER XIV-BANK RESERVES**

