Skip to content
BOL Conferences
Thread Options
#1455120 - 10/14/10 02:55 PM Reg D - 7 day notice of withdrawal
jonv Offline
100 Club
Joined: Jul 2009
Posts: 107
I just want to clarify and get a second opinion. I realize and understand, that our account agreement for NOW accounts should include verbiage that we reserve the right to require not less than 7 days notice priot to withdrawals.

My confusion is whether this verbiage should be included in our traditional Savings and MMDA accoung agreements? I believe it should be, but just want to double check.

Thanks.

Return to Top
Deposits and Payments
#1455121 - 10/14/10 02:59 PM Re: Reg D - 7 day notice of withdrawal jonv
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
Yes, it should be included.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

Return to Top
#1455130 - 10/14/10 03:08 PM Re: Reg D - 7 day notice of withdrawal Doug Hendrickson
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
While I prefer it in the agreement, I've also seen some banks document it in their TISA disclosures.
_________________________
Life without Jesus is like an unsharpened pencil - it has no point.

Return to Top
#1455418 - 10/14/10 07:51 PM Re: Reg D - 7 day notice of withdrawal BrendaC
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
It is specifically not required in the TISA disclosure. Comment 230.4(b)(5)-1(iii). However, there's no prohibition against including it. It probably should be a provision of the deposit agreement, however.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  John Burnett