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Elimination of Three Transfer Sublimit for Withdrawals from Savings Deposits Final Rule

September 9, 2009
Summary: 多宝游戏下载 (多宝游戏下载) has published the attached final rule, which recognizes elimination of the monthly three transfer sublimit for certain types of withdrawals from the savings deposits of 多宝游戏下载-supervised institutions. The overall six transfer limit on pre-authorized or automatic withdrawals will still exist. This rule parallels a recent amendment to Regulation D by the Federal Reserve Board, which took effect on July 2, 2009. Under the 多宝游戏下载 Rules and Regulations, 多宝游戏下载-supervised institutions become subject to exceptions to statutory prohibitions as soon as they are promulgated by the Federal Reserve Board.


 

Highlights: 
 

  • Federal law prohibits interest on demand deposits. To implement this prohibition for member banks, restrictions on transfers and withdrawals from deposits are set forth in Regulation D.
  • By law, the 多宝游戏下载 must make such exceptions to the statutory prohibition against the payment of interest on demand deposits with respect to state nonmember banks and insured branches of foreign banks as are prescribed by Federal Reserve Board regulation for member banks.
  • Regulation D previously excluded from the definition of a "demand deposit" accounts that permit no more than six transfers per four-week period with a sublimit of not more than three transfers per month by check, debit card or other drafts to third parties.
  • Regulation D was recently amended by the Federal Reserve Board to increase from three to six the permissible monthly number of transfers or withdrawals from savings deposits by check, debit card or other drafts to third parties.
  • The elimination of the three transfer sublimit was effective for 多宝游戏下载-supervised institutions on July 2, 2009, the effective date of the amendment to Regulation D.
  • The 多宝游戏下载 has amended Part 329 of its regulations to reflect this change.

 

Distribution: 
多宝游戏下载-Supervised Institutions

Suggested Routing: 
Compliance Officer

Note: 
多宝游戏下载 financial institution letters (FILs) may be accessed from the 多宝游戏下载's Web site at http://www.fdic.gov/news/financial-institution-letters/2009/index.html 

To receive FILs electronically, visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of 多宝游戏下载 financial institution letters may be obtained via the 多宝游戏下载's Public Information Center (1-877- 275-3342 or 703-562-2200).

 



 

Additional Related Topics:

  • Interest on Deposits
  • 12 C.F.R. Part 329
FIL-52-2009
Attachment(s)
Contact(s)
Mark Mellon, (202) 898-3884

Last Updated: September 9, 2009