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Reg D - Cashier's Check Payable to a Third Party
Answer by Jim Bedsole, BOL Guru
Guru Bios
Question: If a customer comes into the bank and uses his money market account to purchase a cashier's check payable to a third party, will that count against the maximum number of withdrawals the customer can make from the account relative to regulation D?
Answer: In-person withdrawals do not count against the limit for Reg D transactions, regardless of where those funds go.
First published on BankersOnline.com 11/13/06
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