Answer:
by Randy Carey: Refer to:
204.2(d)(2)Such an account is not a transaction account by virtue of an arrangement that permits transfers for the purpose of repaying loans and associated expenses at the same depository institution (as originator or servicer) or that permits transfers of funds from this account to another account of the same depositor at the same institution or permits withdrawals (payments directly to the depositor) from the account when such transfers or withdrawals are made by mail, messenger, automated teller machine, or in person or when such withdrawals are made by telephone (via check mailed to the depositor) regardless of the number of such transfers or withdrawals.
In person withdrawals are unlimited on savings and MMDA accounts. There is nothing in the regulations that address the charging of fees. You can set your fee structure any way you choose and charge the customer, as long as it is properly disclosed in your TISA disclosure.
Answer:
by John Burnett: After agreeing with Randy Carey, I'll add --
Think of the transfer and withdrawal limits in section 204.2(d)(2) as a fence beyond which you are not supposed to allow your depositor to go. There is nothing in the rule that says you cannot put up a second fence inside the first, imposing stricter limits.
Whether or not you impose a fee for jumping either fence (or for some other infraction) is unrelated to the regulation.
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