Reg D defines a holiday club (under "time deposit") in 204.2(c) (1) (D) held in “club” accounts (such as Christmas Club) ….deposited under written contracts providing that no withdrawal shall be made until a certain number of periodic deposits have been made during a period of not less than three months even though some of the deposits may be made within six days from the end of the period…
Does the contract have to be this specific or can there be a general statement about the funds remaining in the account until paid out in November (or whenever)
Last edited by LoisLane; 03/25/05 03:15 PM.
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And where is Superman when I need him?