Which type of account cannot be used for depositing client funds?

A certificate of deposit (CD) cannot be used for depositing client funds primarily because it locks the funds for a specific term, and early withdrawal typically incurs penalties. In the context of real estate transactions, client funds often require immediate access for various reasons, such as conducting transactions or disbursing funds as needed. Therefore, a CD, which involves a commitment to keep the funds untouched until maturity, does not provide the necessary liquidity and flexibility that managing client funds demands.

In contrast, a savings account, checking account, and escrow account are designed to facilitate easier access to funds. An escrow account, specifically, is often mandated for holding client deposits in real estate transactions, ensuring that the funds are available as needed for the transaction process while also providing a level of security and proper tracking of client funds.