How did time deposits earn that name?

Time deposits differ from at call deposits, such as savings or checking accounts, which can be withdrawn at any time, without any notice or penalty. Deposits that require notice of withdrawal to be given are effectively time deposits, though they do not have a fixed maturity date.

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it increased the power of the king of england.

after defeating german forces in north africa allied leaders turned their attention to "italy," since this was the location that made the most geographic sense before invading northern europe via france.