Internet Transfers and Transfer Limitations

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Question:

Do internet transfers from a Money Market account count as in-house transfers as far as transfer limitations are concerned? We are currently making a large depositor physically make these transfers to meet regs.

Answer:

Transfers initiated via the Internet are counted as transfers effected via telephone. Accordingly, they are included in the monthly transfer limits listed in Regulation D at 12 CFR 204.2(d)(2).

First published on BankersOnline.com 6/06/05