Q: Can we use words such as depositor, CD, Money Market with an investment account if we aren't a bank?
Can w use words such as depositor, CD, Money Market with an investment account if we aren't a bank? Our service. this investment account is very similar to a savings account in that you put your money in and you can take it out with very short notice, and you get a fixed return. It is an alternate investment option that is not on the main market (like the stock market or bonds). Being able to use this vocabulary would help people understand our account, but we are worried that it could cause legal issues.
A: The last time I looked, the unauthorized use of any of the financial terms you asked about, as well as many other banking, financial and investment terms, is prohibited in every state of the United States. It this were not the case you would see hundreds of thousands of small businesses offering the same kinds of services that you want to offer. Don't do it without a proper state or federal license.
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