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#172063 - 03/22/04 07:25 PM Reg. D
HR Banker Offline
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Joined: Oct 2002
Posts: 1,027
I was informed that transfers via Internet banking are counted in the six allowed transfers for statement savings. The FDIC Exam procedures manual notes that "PC transfers should be treated just like telephone transactions and would be included in the "six" transfers and withdrawals if the PC transfer was preauthorized or automatic". Can someone please clarify for me if all Internet banking transfers from statement savings count in the six or ONLY IF they are preauthorized or automatic?

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#172064 - 03/22/04 07:26 PM Re: Reg. D
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
From what I understand, any Internet transfer counts toward the six.
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#172065 - 03/22/04 07:37 PM Re: Reg. D
redsfan Offline
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redsfan
Joined: Dec 2000
Posts: 3,455
The Pennant Race
I agree with Skittles. The entire phrase from the definition of a savings deposit in Reg D states: preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction. An internet transfer is considered a transfer via a telephonic or data transmission agreement. Therefore, all Internet transfers are subject to the six per statement cycle restriction.

Andy Z likes to say that if it's convenient, it's covered. That's a good rule of thumb to follow.
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