When a non-transaction account exceeds it's sixth transaction that account is to be reclassified as a transaction account. Does the entire balance on that account then become reservable or just the dollars of the transactions exceeding the sixth transaction? How is the unused portion of the balance calculated for reserve purposes?
When we do a consumer loan extension, does Reg Z apply and a new fed box need to be disclosed? We've previously used extension agreements for adjusting rates, exchanging collateral, moving maturity and payment dates. Our software recommends a new loan be done to comply with Reg Z and the fed box disclosure.
On July 1, 2006 the Federal Reserve amended Regulation CC in regard to remotely created checks. Since our bank does not have business accounts are we required to amend our disclosures to shift the liability to account holders for this type of check? If so, what disclosure should be revised and what is the language we should use? Do we have to send a new disclosure to all of our customers?
Do the Reg O overdraft limitations apply to checking accounts that the executive or director signs on, but has no ownership of the funds (excluding related interests)? For example, an account that he/she is Trustee of or an account that requires his/her authorizing signature on the check.
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?