01/16/2003
10/07/2002
The following comment was included in a response to Overdraft Privilege Accounts. "On average, the majority of bank customers either does not qualify for, or chooses not to apply for a line of credit. Included in this number are many customers who do not have savings accounts or other excess deposits at the bank to qualify them for sweep transfers." Question: It is my understanding that you can only have a limited number of preauthorized withdrawals from a savings account. How can a statement savings account be used for a sweep vehicle?
10/01/2002
- 74% of US financial institutions do not charge accountholders fees for PIN-based debit card transactions.
09/16/2002
I am looking for information regarding what other banks policies are in regards to minor's having a checking account. Do they require an adult co-owner? If a parent or guardian (or other person that is considered an adult) is an owner of the account with the minor, can they be held accountable for any debits to the account?
07/01/2002
We have a sweep account that sweeps to/from a checking account to/from an account backed by our securities. (Non-FDIC insured product.) We are unable to sweep to/from a money market because of the limitations on pre-authorized transfers in a money market account. Would it be possible to set up a sweep to/from a savings account? They do not have limitations ontransfers, right?
05/01/2002
(Editor's Note: Legislation has again been introduced to change the limits of FDIC Deposit Insurance which, if passed, will initiate many questions from our depositors.
03/04/2002
A government entity has 5 savings passbook accounts with my institution. Each account has a separate name (e.g., ABC Project I, ABC Project II, ABC Project III, etc.) The government entity is named as the trustee for each of the accounts. And each account has the same tax identification number. My question is this: Are each of these accounts insurable by FDIC for $100,000.00?
08/06/2001
I know we must monitor MMDA accounts for excessive transations. Savings accounts are also limited at our bank to 6/quarter, which is more restrictive than required (right?). Are we required to also monitor these, or is charging $1 for each transaction that exceeds the limit sufficient?
05/01/2001
In a more or less "group" robbery, the suspects were not hard to identify. And they were easy to find.
03/01/2001
Associations Approve FDIC Recommendations