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#1641292 - 12/20/11 08:44 PM Loan payment from Savings
Tessie Offline
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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 Offline
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Doug Hendrickson
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.
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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 Offline
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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 Offline
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Doug Hendrickson
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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 Offline
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John Burnett
Joined: Oct 2000
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Cape Cod
That is the correct citation, Doug.
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John S. Burnett
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