Posted By: Tessie
Loan payment from Savings - 12/20/11 08:44 PM
If we have it set up where a customers loan payment is made each month from a Savings Account(in the same bank) would this count as one of the six transfers?
No. Transfers for the purpose of repaying loans at the same bank are not covered by the regualation; they are unlimited.
Posted By: Tessie
Re: Loan payment from Savings - 12/21/11 07:15 PM
Thanks. Do you know off hand where I can find this in the regs? Have to go to a meeting regarding this.
I always use the easy reference chart in Bankers Tools:
http://www.bankersonline.com/tools/regdlimits_chart.htmlThe list in the second column (non-covered) are those that are unlimited and not subject to the limit of six(6).
I think the relevant citation is 204.2(d)(2), but I'm not absolutely certain.
Posted By: John Burnett
Re: Loan payment from Savings - 12/22/11 03:57 PM
That is the correct citation, Doug.