I feel that my bank's operations unit has misinterpreted the Reg D provision limiting the number of transfers. They read the cycle to include quarterly statements on savings accounts and limit the six transfers per quarter not monthly. The depositor is permitted or authorized to make up to six transfers or withdrawals per month or statement cycle of at least four weeks.
Are signature Cards required for Certificates of Deposit Accounts?
Can a Missouri bank charge a fee each day a checking account remains overdrawn? Starting in July, are banks required to contact a customer if he/she has more than six overdrafts?
We have a savings account for minors where we tell the customer that the service fee will be waived until the minor reaches eighteen years of age. We do not tell them when that service fee will be charged, i.e., the quarter the minor turns eighteen or the quarter after the minor turns eighteen. Should we clarify this language? If so, do we need to send a change in terms to alert the customer that the terms of the account are going to change, since the account may have been opened five years prior. Are minors allowed to open accounts without co-signers?
Can a corporation open a money market account?
We are currently looking at retail bundling and wonder if we can offer cash to be put into a checking account for a customer when he/she signs up for other products such as savings accounts, direct deposit, or receiving an insurance quote?
Can a NSF fee be charged on a savings account?
In the past, we have allowed grandparents to open savings accounts for their grandchildren with the grandchildren being the primary owners and the grandparents as secondary. They would have the child's social security number. They would sign the child's name,(child is unable to sign due to age). Relative to CIP purposes can this still be done?
Can I hold a deposit made to a savings account?
Does the Reg E opt-in rule apply only to checking accounts? We have many cards that are also attached to savings accounts. Do they need to sign a form for the savings account as well, or does the opt-in not apply because the overdraft privilege is only attached to checking accounts?