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?
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
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I hear and I forget. I see and I remember. I do and I understand.--Confucius
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" ?
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.