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#179498 - 04/14/04 02:25 PM Reg D and Statement Savings
drvmecrazy Offline
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Joined: Mar 2002
Posts: 232
If we reclassify our statement savings accounts as Demand Deposit accounts, can we allow customers to exceed the 3/6 restrictions set forth in reg D? If this is allowed, can someone point me to where I can find the information. Thank you.
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#179499 - 04/14/04 02:31 PM Re: Reg D and Statement Savings
GreatBlue Offline
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GreatBlue
Joined: Feb 2003
Posts: 2,362
Colorado
But you can't pay interest on demand deposits, so why offer statement savings at all? Why not just require your customers to use your existing demand deposit account?
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#179500 - 04/14/04 02:39 PM Re: Reg D and Statement Savings
drvmecrazy Offline
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Joined: Mar 2002
Posts: 232
The problem we are running into is that customers want to transfer money from their savings accounts to their checking account either through telephone banking or online banking and they're limitd to 6 per month.

I guess there isn't any other option but to remind them that they are limited to 6 a month and follow up with the letters and/or closing the account or making it non interest bearing.
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These opinions are mine & not necessarily those of my employer. (Remember, you get what you pay for)

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#179501 - 04/14/04 03:54 PM Re: Reg D and Statement Savings
GreatBlue Offline
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GreatBlue
Joined: Feb 2003
Posts: 2,362
Colorado
Many of us have struggled with this over the years. There really are no good options. There's always the hope that congress will eventually loosen (or better yet, get rid of) the rule.
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#179502 - 04/14/04 04:06 PM Re: Reg D and Statement Savings
Andy_Z Offline
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You could put them in NOW or ATS accounts, if they meet the ownership restrictions.

Without the limitations you would effectively just be paying interest on DDA accounts.
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AndyZ CRCM
My opinions are not necessarily my employers.
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#179503 - 04/14/04 08:39 PM Re: Reg D and Statement Savings
CelticsPride Offline
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CelticsPride
Joined: Jun 2002
Posts: 513
The Boston "Gahden"
Has anybody heard where this issue stands in Congress this term? The last I heard the House had passed legislation to increase to 24 transactions per month. Anybody have an idea what the Senate is up to?
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#179504 - 04/14/04 08:57 PM Re: Reg D and Statement Savings
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
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On the Net
HR1375 may be what you are thinking about. It passed the House and is in the Senate. I have heard it is expected to pass there, but this has happened so many times before. Who knows.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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