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NOW Accounts
Question: We keep hearing from management that they think Regulation D has been changed to allow NOW accounts for business or to allow unlimited transactions on savings accounts. I can't find anything definitive. Can you help?
Answer: You can't find anything definitive because the changes you describe are merely wishful thinking on the part of many bank managers and an occasional draft bill in Congress. However, nothing has changed and your management should not look for change any time soon. The most recent legislative attempt to update Regulation D had a three-year delayed effective date.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 9, 9/04
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