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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
Questions and Answers