Regulation D Covered Transaction Question

Posted By: Cedar Point Guy

Regulation D Covered Transaction Question - 10/27/14 03:20 PM

Hi All,

With regards to the six covered transfers for regulation D, would one of the covered transfers be for the bank taking out fees with regards to a covered transfer? Example: Business money market account where the customer has 5 wire transfers out of the money market account. The bank charges the customer a fee that is taken out once a month for the wire transfers. Would the fee that is taken out by the bank and paid to the bank be considered a covered transfer and put the customer at the six covered transfers?
Posted By: Dani York, CRCM

Re: Regulation D Covered Transaction Question - 10/27/14 06:25 PM

I don't count bank fees as a covered withdrawal.
Posted By: ComplianceGurl, CRCM

Re: Regulation D Covered Transaction Question - 10/27/14 07:20 PM

FWIW: We do not either.
Posted By: Sunshine Lady

Re: Regulation D Covered Transaction Question - 10/27/14 09:09 PM

Ditto