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A term share deposit on a bank statement refers to a type of savings account offered by credit unions or banks where funds are deposited for a fixed period, typically earning a higher interest rate than regular savings accounts. The term "share" indicates the ownership of a portion of the financial institution, as these accounts are often linked to membership in a credit union. Withdrawals from a term share deposit may be restricted until the maturity date, encouraging long-term savings.

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1mo ago

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