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Reg D Change for CUs and Banks?

Answered by: 
Jim Bedsole

Question: 
I work for an FDIC bank in central Illinois. Some Credit Unions in the area are changing how customers can access their accounts due to a change in Reg. D. Are there changes that should be affecting my bank?<!--<!--#include virtual="../ssi_lending_text_ad.html" -->-->
Answer: 

The main change you're probably seeing relates to recent Reg D changes to the definition of "savings account" that eliminates the three per month restriction on certain types of transfers. Effective July 2, the six per month limit will be the only transfer limit in the definition. For more detail, you can read about the changes here.

First published on BankersOnline.com 8/17/09

First published on 08/17/2009

Filed under: 
Compliance
Filed under compliance as: 
FDIC
Transfers

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