07/10/2009
Doesn't the IRS automatically consider a sole owner LLC to be a sole proprietorship (unless they have elected to be treated as a corporation)? As such, would this sole proprietorship not be eligible for a NOW account?
06/01/2009
Are financial institutions included in the "government entity" provision for NOW account eligibility?
10/09/2006
I'm looking for someone who remembers when MMDAs and NOW Accounts were legalized for banks. Seems like MMDAs were first, the fall of some year, then NOW Accounts were authorized at 5.5% for commercial banks on January 5th of the next year. Was that 1980-1981? I'm trying to educate some younger bankers on Reg D and the history of reserves, NOW Accounts, etc.
07/24/2006
I am unable to convince our bank president that telephone transfers and internet transfers are counted in the six that may occur each month on a savings account. I have downloaded the Reg D chart and the law, but he is still not convinced. Can you tell me where I might find more to show him in a clear manner?
01/03/2005
We are getting ready to send out our notices for Check 21 and are a little confused. It states that it affects ALL types of deposit accounts. We currently have the following products:<ul><li>Money Market Account<li>Super Now Accounts<li>Statement Savings<li>Regular Checking<li>Time Accounts<li>Christmas Clubs</li></ul>Are we required to send to all?
12/01/2004
Question: What should we tell a small business owner who insists on an interest-bearing checking account?
11/29/2004
What is meant by ATS accounts? Is there a definition?
11/15/2004
This is a Regulation D question regarding savings accounts. We are looking at moving the balances of all savings accounts that have ACH debits currently set up, as well as all accounts that have an ATM or debit card, into a separate general ledger and classifying those accounts as "Transaction Accounts" for call report purposes. These accounts would not be closed or transferred to another type of account. This would leave the savings accounts as they are now. This would be an internal move only of the balances to a transaction account that the customer would not be aware of. The accounts would continue to earn interest and the customer would continue to pay the bank's excessive W/D fees. Would this eliminate the necessity to notify customers of limitation requirements on existing accounts? Could this make monitoring of any of the savings accounts possibly unnecessary? Could you continue to pay interest on this type of account? Or would this be considered a total violation of Reg. D?
10/25/2004
We are getting ready to send out our notices for Check 21 and are alittle confused. It states that it affects ALL types of deposit accounts . We currently have the following products:<ul><li>Money Market Account<li>Super Now Accounts<li>Statement Savings<li>Regular Checking<li>Time Accounts<li>Christmas Clubs</li></ul>Are we required to send to all?
09/01/2004
Question: We keep hearing from management that they think Regulation D has been changed to allow NOW accounts for business or to allow unlimited transactions on savings accounts.