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#561341 - 06/02/06 02:20 PM Reg D - Take Away W/D Capabilities
Wiqit Offline
Joined: Dec 2004
Posts: 56
If the bank decides to take away the transfer/ draft capabilities from a money market account due to repeated occurrences of exceeding the withdrawal limitations imposed by Reg D - and items come in for payment, can the bank pay the items against another account that the depositor has with us or do we have to return the items?

I appreciate your help in this matter. Thank you.

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Operations Compliance
#561342 - 06/03/06 02:55 AM Re: Reg D - Take Away W/D Capabilities
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 79,292
Galveston, TX
I would not unless you have an agreement with the customer to do so.
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#561343 - 06/03/06 07:02 PM Re: Reg D - Take Away W/D Capabilities
RBanker Offline
Power Poster
Joined: Jul 2003
Posts: 2,675
Austin Texas
If it's a Reg D violation why don't you just convert the account to a transaction account?
My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.

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