When a customer violates Regulation D a third time in a 12-month period, how do most other banks prevent the customer from just opening another savings
account to possibly continue excessive transactions? If a Reg D policy is established to prevent multiple savings account opening over a period of
time, how do banks monitor such activity among their various branch locations?
When a customer violates Reg D for the third time, we take away whatever was abused; such as internet transfers, ACH etc. Can we give what we took away
back to the customer or is it gone for good, or do we not take away something and just close the account? I'm not sure what is a best practice.
What types of accounts are offered to charitable organizations? Can they open a money market account and what are the money market eligibility requirements?
For Reg D excessive transfers purposes from savings account, can a bank choose to use calendar month for one customer and statement cycle for another customer when both have the same account type, such as a money market deposit, so long as we use this consistently per customer?
Which letter regulations apply to money market deposit accounts (MMDAs) opened by an internal Trust Department that also manages/invests the account activity via an agreement with the trust owner and the Trust Department? [ex. Reg O, Reg DD, Reg D] The customer does not transact on the account and the Bank sponsored Money Market is a product of an omnibus Internal Bank DDA Account.
If I customer has exceeded Reg D limits on a Money Market account 3 times within the past 12 months, and the account has been changed to a regular DDA, can they open a new Money Market DDA with a different account number?
Can we offer a Money Market account, but restrict withdrawals to face to face transactions or transfer to another account within our bank? That would mean no access to withdrawals by check, ACH or debit card.
My client made 12 withdrawals in person from his money market. I thought the in person withdrawals did not count as a qualified withdrawals. Are we allowed to charge him fees?
Can we charge a paper statement fee for Money Market accounts?