12 C.F.R. § 329.102 Deposits described in §329.1(b)(3).
Title 12 - Banks and Banking
This interpretive rule explains the second proviso of §329.1(b)(3). (a) No deposit described in §329.1(b)(3) that is held by an organization that is not organized for profit and that is described in paragraphs 501(c) (3) through (13) and (19) and section 528 of the Internal Revenue Code of 1954 (26 U.S.C. 501(c) (3) through (13) and (19), and 528) is deemed to be a demand deposit. Actual Internal Revenue Service documentation of the organization's tax-exempt status is not required; it is merely an aid in making the determination. (b) No deposit described in §329.1(b)(3) that is held by a depositor identified in section 2(a)(2) of Pub. L. 93–100 (12 U.S.C. 1832(a)(2))—whether the deposit is used for business purposes or otherwise—is deemed to be a demand deposit. (c) No deposit described in §329.1(b)(3) that represents funds held in a fiduciary capacity (whether the fiduciary is a natural person or otherwise) is deemed to be a demand deposit if all the beneficiaries of the account are natural persons.
Title 12: Banks and Banking
PART 329—INTEREST ON DEPOSITS
§ 329.102 Deposits described in §329.1(b)(3).
