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Deposits and Payments
Loan payment from Savings
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#1641292
-
12/20/11
08:44 PM
Loan payment from Savings
Tessie
100 Club
Joined:
Jan 2006
Posts: 155
If we have it set up where a customers loan payment is made each month from a Savings Account(in the same bank) would this count as one of the six transfers?
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#1641326
-
12/20/11
09:16 PM
Re: Loan payment from Savings
Tessie
Doug Hendrickson
Power Poster
Joined:
Oct 2009
Posts: 3,927
No. Transfers for the purpose of repaying loans at the same bank are not covered by the regualation; they are unlimited.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius
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#1641922
-
12/21/11
07:15 PM
Re: Loan payment from Savings
Doug Hendrickson
Tessie
100 Club
Joined:
Jan 2006
Posts: 155
Thanks. Do you know off hand where I can find this in the regs? Have to go to a meeting regarding this.
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#1641972
-
12/21/11
07:55 PM
Re: Loan payment from Savings
Tessie
Doug Hendrickson
Power Poster
Joined:
Oct 2009
Posts: 3,927
I always use the easy reference chart in Bankers Tools:
http://www.bankersonline.com/tools/regdlimits_chart.html
The list in the second column (non-covered) are those that are unlimited and not subject to the limit of six(6).
I think the relevant citation is 204.2(d)(2), but I'm not absolutely certain.
Last edited by Doug Hendrickson;
12/21/11
08:03 PM
. Reason: citation
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius
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#1642310
-
12/22/11
03:57 PM
Re: Loan payment from Savings
Tessie
John Burnett
10K Club
Joined:
Oct 2000
Posts: 39,914
Cape Cod
That is the correct citation, Doug.
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John S. Burnett
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