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#2239679 - 07/16/20 04:11 PM Full Suspension Reg. D Excess Trans - Cust Notice
Getting_Grayer Offline
100 Club
Joined: Oct 2007
Posts: 194
USA
Good day.

We are in the process of implementing full suspension of Reg. D excess transaction limitations, including the charging of fees. For those banks that have decided to suspend, are you communicating this to your customers? We know it is not required to contact customers; however, some feel failing to let customers know they now can freely transfer funds without restriction could be an issue (i.e. potential legal customer harm) since they have always been told they cannot. I have searched BOL threads, but have not seen any thoughts on this. Thank you for any insight.

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#2239688 - 07/16/20 05:16 PM Re: Full Suspension Reg. D Excess Trans - Cust Notice Getting_Grayer
Bankwoman1 Offline
Diamond Poster
Joined: Dec 2015
Posts: 1,046
Midwest
We notified customers a couple of different ways. We added a notification to our periodic statements and also added a notification to our mobile and online banking modules. We did not charge fees, however, we did shut down all transfer abilities on any accounts that went over their limitations. We did go back and update all of these accounts and gave them back their transfer abilities. That was communicated in the notice that was listed on our mobile and online banking.

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