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?
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?