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#464475 - 12/01/05 04:03 PM Money Market Savings Violation?
jef8111 Offline
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Joined: Jul 2004
Posts: 96
The public library comes to the branch regularly, completes a withdrawal slip and uses the withdrawal to transfer money to another account of theirs in the bank. This works well for them and is not a reg d violation.
They also come in, complete a withdrawal slip and then wire money out of their money market savings to another institution. Would this be considered a violation if they exceed 3 per statement cycle, since they physically come to our office to complete the transaction?

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#464476 - 12/01/05 04:29 PM Re: Money Market Savings Violation?
Chiquita Banana Offline
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Chiquita Banana
Joined: Jun 2002
Posts: 1,044
The banana bin
Per my understanding, if they came in physically to your branch, it would not be counted towards the limitations.

I always try to remember that if they had to get off their keister to complete the transaction (except sitting on their keister in front of an ATM) it doesn't count.

It's such a confusing reg!
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#464477 - 12/05/05 02:47 PM Re: Money Market Savings Violation?
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
Since they make a withdrawal, and then wire, there is no third party, just the bank and the customer. It is an OTC transaction and would be excluded. If they requested it as an automatic debit and wire each month the answer would be different.
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