Back in the Dark Ages of the 1980s, bank compliance officers asked the Fed's Staff to opine on various compliance modi operandi and with a good deal of back and forth the staff seemed to settle on three times in a rolling 12-month period -- not necessarily in consecutive months (since that would make the rolling twelve-month thing moot. If you are a Fed Member bank with access to the Federal Reserve Regulatory Service, you'll find a series of staff opinions on compliance with the transaction limits behind Regulation D in the Monetary Policy section of the FRRS. Be prepared for the fact that the wording will reflect the way the reg was worded back then, and you'll see things like "three transaction limit" for savings accounts (which later became 6) and a special limit on checks (which later went away).

Another question! I am reviewing the 2900 report for accuracy and have come across what I believe to be a problem: Under section B.1 we are reporting FHLB Checking, in the directions under excluded from B.1 is listed "demand deposit balance that are due from the NCUA Central Liquidity Facility or a Federal Home Loan Bank" Can anyone tell me if I am correct?