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Reg D Warning Letter for Excessive Transactions

What happens if a bank sends two warning letters for excessive transactions of a savings account, Reg D, but the bank does not follow thru and allows the account to continue excessive transfers. (the account has a balance of $125K)

by John Burnett: It's likely that eventually someone (an auditor or examiner) will discover that the customer has been allowed to continue exceeding the monthly transaction limits on more than an occasional basis, and may decide to start digging to look for other "good customers" whom you allow to ignore the limits. The likely next step is an exam mention and a requirement that the bank correct the problem.


by Ken Golliher: The regulator could also require you to reclassify all accounts in the same report is wrong...penalties are substantive...not pretty.

First published on 05/26/2014

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