Skip to content
BOL Conferences
Thread Options
#1754084 - 10/31/12 09:22 PM Money Market Transaction Restrictions
rachelchri Offline
100 Club
Joined: Aug 2010
Posts: 165
Is the maximum limit for checks written to 3rd parties from Money Market Account still 3 or has that changed to 6?

Also, We are in the process of updating our M/M disclosures we hand out at account opening and we currently list w/drawl limitations as follows:

W/drawals in person or mail: Unlimited
Telephone Transfer(s): Maximum of 3
Preauthorized Transer(s): Maximum of 3
Checks to Third Parties: Maximum of 3

Would the Telephone transfer(s) and Preauth transfer(s) be listed as a maximum of 6?

HELP!

Return to Top
Deposits and Payments
#1754102 - 10/31/12 10:54 PM Re: Money Market Transaction Restrictions rachelchri
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
The limit was changed to 6.

W/drawals in person or mail: Unlimited
Telephone Transfer(s): Maximum of 6
Preauthorized Transer(s): Maximum of 6
Checks to Third Parties: Maximum of 6
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

Return to Top
#1754148 - 11/01/12 01:49 PM Re: Money Market Transaction Restrictions rachelchri
rachelchri Offline
100 Club
Joined: Aug 2010
Posts: 165
That is what I thought, but when reading up is the following still true:

"No more than three of the six transfers can be made by check, draft, debit card, or similar order made by the depositor and payable to a third party" ?

Return to Top
#1754244 - 11/01/12 04:57 PM Re: Money Market Transaction Restrictions rachelchri
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
That is no longer true. If I recall correctly, I think the "sub-limit" was removed in 2009.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

Return to Top
#1754583 - 11/02/12 04:01 PM Re: Money Market Transaction Restrictions rachelchri
St Louis Jeff Offline
100 Club
Joined: Jun 2007
Posts: 105
Doug, you're right. The Reg D limit was upped to 6 for all categories of "covered" transactions including check, draft or debit card. This greatly simplifies tracking on the bank's part and is also easier for the customer to understand.

Return to Top
#1754759 - 11/02/12 07:21 PM Re: Money Market Transaction Restrictions rachelchri
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  John Burnett