12 C.F.R. § 329.101 Transfers not included within the six transfers allowed for nondemand deposits pursuant to §329.1(b)(3).
Title 12 - Banks and Banking
This interpretive rule describes certain transfers that are not included as any of the six transfers allowed pursuant to §329.1(b)(3). (a) Transfers from a deposit described in §329.1(b)(3) that are made to the bank are not deemed to be included within the six transfers permitted for a nondemand deposit by that paragraph (3) when the transfers are made for the purpose of repaying loans and associated expenses at the bank (as originator or servicer). This exemption does not apply to transfers to the bank that are made for the purpose of repaying loans that are made by the bank to the depositor's demand account for the purpose of covering overdrafts. (b) Transfers from a deposit described in §329.1(b)(3) that are made to another account of the same depositor at the bank are not deemed to be included within the six transfers permitted for a nondemand deposit by that paragraph (3) when the transfers are made by mail, messenger, automated teller machine or in person. (c) Withdrawals from a deposit described in §329.1(b)(3) are not deemed to be included within the six transfers permitted for a nondemand deposit by that paragraph (3) when the withdrawals are made by mail, messenger, telephone (via check mailed to the depositor), automated teller machine, or in person.
Title 12: Banks and Banking
PART 329—INTEREST ON DEPOSITS
§ 329.101 Transfers not included within the six transfers allowed for nondemand deposits pursuant to §329.1(b)(3).
