Limits on Savings Account Transfers

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Limits on Savings Account Transfers – An Update - 2020

Presented by John Burnett
Recorded on May 18, 2020. — 1.0 hours

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Course description

On April 24, the Federal Reserve Board announced it was removing the Regulation D “six-per-month” limitation on transfers and withdrawals from savings accounts. That followed on the heels of the Fed’s reduction of reserve requirements to 0% on all types of deposits.

Depository institutions that have adhered to the old transfer limitation for decades suddenly have an opportunity to decide whether to keep those limits in place, eliminate them, or fashion simpler, less challenging restrictions in a redesign of their savings account offerings.

In this fast-paced ONE-HOUR webinar, John Burnett will quickly review the Fed’s action, and explain its impact on depository institutions and their customers.

Topics to be covered include –

Impact of eliminating restrictions
Do you really want savings with no transfer limits?
Eliminating the restrictions temporarily
Crafting your own limitations
Is monitoring activity a dead issue?
Use of fees to limit transfers
Reviewing your deposit contracts
Retaining the “right to require notice” provision
Implications for the Call Report and FR 2900

Instructor(s)

John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.