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#2285867 - 06/23/23 03:50 PM Reg D and Fees for Exceeding Transaction limits
TINKerBell Offline
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TINKerBell
Joined: Nov 2006
Posts: 3,263
Tiger's Den!
Back in April 2020 the Fed suspended transaction limits on Savings and Money Market Accounts. The Reg. does not discuss fees for exceeding the transaction limits. Are Banks OK with still charging those over the transaction limit fees?
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#2285872 - 06/23/23 04:30 PM Re: Reg D and Fees for Exceeding Transaction limits TINKerBell
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,417
Galveston, TX
You can charge whatever fees that you want to as long as they are properly disclosed, are not unfair or deceptive and you comply with State law.
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#2285879 - 06/23/23 05:43 PM Re: Reg D and Fees for Exceeding Transaction limits TINKerBell
TINKerBell Offline
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TINKerBell
Joined: Nov 2006
Posts: 3,263
Tiger's Den!
Thanks Randy!
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#2286005 - 06/27/23 05:31 PM Re: Reg D and Fees for Exceeding Transaction limits TINKerBell
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
The Fed never said anything that would prevent a bank from imposing a fee for excess activity in a savings account, before, during, or after the April changes that eliminated the requirement for limits on transfers from them.

Back when there were still limits, what the Fed DID say was that the mere charging of a penalty for excessive transfers would not, by itself, satisfy the requirement for a compliance program designed to restrain depositors from exceeding the limit on more than an occasional basis.
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