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#103957 - 08/06/03 08:16 PM
Re: Reg D: Telephone transfers
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Anonymous
Unregistered
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It would be limited:
Preauthorized transfers from a money market account are limited to six per month, no more than three of which may be by check, draft, debit card or similar order to third parties.
Six per month limits include:
ACH debits for overdraft protection and for payments to a loan at another institution
Transfers from a savings account at the telephoned request of the customer made directly to a bank employee or indirectly through a voice-response system.
Three per month limits include:
Checks payable to third parties
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#103958 - 08/06/03 08:20 PM
Re: Reg D: Telephone transfers
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Power Poster
Joined: Nov 2000
Posts: 2,701
PA
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This would fall into the "limited to six" category.
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Opinions expressed are mine and not necessarily those of my employer.
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#103959 - 08/06/03 11:07 PM
Re: Reg D: Telephone transfers
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Anonymous
Unregistered
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What about internet transfers on the banks website? Does that count as one of the six or is it unlimited?
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#103960 - 08/06/03 11:52 PM
Re: Reg D: Telephone transfers
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Gold Star
Joined: Jun 2003
Posts: 484
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Quote:
What about internet transfers on the banks website? Does that count as one of the six or is it unlimited?
They count. No doubt about it.
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#103961 - 08/07/03 02:56 PM
Re: Reg D: Telephone transfers
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Platinum Poster
Joined: Mar 2002
Posts: 942
Kentucky
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OK, now I'm confused as well. According to the way I read it, an internet banking transfer counts if it's a request to transfer funds. With our IB system, the customer actually initiates the transfer in the system, they don't actually request anything, they just do it, like at an ATM. I guess I'm reading too much into this, but could it be argued either way?
_________________________
Opinions expressed are mine and not necessarily that of my employer.
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#103962 - 08/07/03 03:53 PM
Re: Reg D: Telephone transfers
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10K Club
Joined: Oct 2000
Posts: 27,752
On the Net
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Internet transfers are account to account or to third parties. ATMs are like writing a check to cash, no third party and no sweeping from an interest bearing account to a non-IBA to get around transaction limitations.
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AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#103963 - 08/07/03 07:47 PM
Re: Reg D: Telephone transfers
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Anonymous
Unregistered
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Help, I'm getting confused. If a bank customer writes a check to another bank customer (say I write a check from my money market to the grocery store) and the grocery store "deposits" that check into their account at my bank, is this considered a "transfer" and count toward the 3 checks I can write from my account?
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#103964 - 08/07/03 07:52 PM
Re: Reg D: Telephone transfers
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10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
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No, it is not considered a transfer, that particular item would be one of the three checks per month limit.
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Get your facts first, then you can distort them as you please. - Mark Twain
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#103965 - 08/07/03 09:55 PM
Re: Reg D: Telephone transfers
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Platinum Poster
Joined: Mar 2001
Posts: 828
USA
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Here's one more I came across. Electronic check (where you write a paper check) - ACH counted toward 6 or check limited to 3? Thanks!
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#103966 - 08/07/03 10:05 PM
Re: Reg D: Telephone transfers
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Gold Star
Joined: Jun 2003
Posts: 484
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Quote:
Here's one more I came across. Electronic check (where you write a paper check) - ACH counted toward 6 or check limited to 3? Thanks!
Technically, the 3 but hard to track depending on ACH coding.
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#103967 - 08/08/03 02:54 AM
Re: Reg D: Telephone transfers
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Anonymous
Unregistered
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There is another thread on the electronic check topic under the General Discusssion forum.
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#103970 - 08/08/03 08:00 PM
Re: Reg D: Telephone transfers
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Platinum Poster
Joined: Mar 2001
Posts: 828
USA
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Just to verify, "inclearing" would include a check from the MMDA made payable to the same bank for a loan payment? Transfers for loan payments at the same bank are unlimited, but this check would count toward the 3? Thank you.
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#103972 - 08/13/03 05:00 PM
Re: Reg D: Telephone transfers
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Power Poster
Joined: Dec 2000
Posts: 3,455
The Pennant Race
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T, where is your support for identifying any inclearing item as subject to the 3-transaction limit? The applicable section of the definition reads:
"and no more than three of the six such transfers may be made by check, draft, debit card, or similar order made by the depositor and payable to third parties."
If payable to the depositor, that is not a third party, even if deposited at another institution.
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The opinions expressed here are personal and do not represent opinions of my employer.
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