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#2182518 - 06/20/18 09:46 PM MMDA TIS Disclosure
parr04 Offline
Gold Star
Joined: Aug 2004
Posts: 394
oklahoma
Are we required to include the following or something like it on our MMDA TIS Disclosure:
"we reserve right to require at least seven days' written notice before withdrawal"

I have discovered some but not all of our savings/ MMDA TIS disclosures have this statement.

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#2182520 - 06/20/18 09:52 PM Re: MMDA TIS Disclosure parr04
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,722
Illinois
According to the interpretations to 1030.4(b)(5), this disclosure is not required.

Limitations required by Regulation D of the Board of Governors of the Federal Reserve System (12 CFR part 204) on the number of withdrawals permitted from money market deposit accounts by check to third parties each month. Institutions need not disclose reservations of right to require notices for withdrawals from accounts required by federal or state law.
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#2182529 - 06/20/18 10:38 PM Re: MMDA TIS Disclosure parr04
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,388
Galveston, TX
It should be in your depositor's contact however.
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