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Reg D Transfer Limits & Sweep Accounts

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My bank is in the process of setting up a sweep account service for commercial and possibly consumer customers. The accounts will be "swept" daily and the monies will be transferred to a non-related third party for purposes of making investments of customers' excess funds. Can money market accounts (both commercial and consumer) qualify for this service or does the "sweep" count towards the transaction limitations for a money market account?

If the sweep will be from a MMDA or savings account, the transfers FROM the account will count toward the monthly transfer limits in Section 204.2(d)(2) of Regulation D.

[EDITORS NOTE: As of 7/2/09, the separate limit of three per month for checks, POS debit card transactions, etc., has been eliminated, and those transactions are now only subject to the 6/month limit that applies to other restricted transfers and withdrawals.]

First published on 08/11/03

First published on 08/11/2003

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