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Bankersonline Deposit Account Control Agreement

1. As a general rule. Examples of restrictions on the number or dollar amount of deposits or withdrawals that institutions must disclose are: 1. Club accounts. Although the club`s accounts generally have an expiry date, these are not time accounts, unless they also require a penalty of at least seven days of interest for withdrawals for the first six days after the account is opened. 3. Other investments. The term “account” does not apply to all products of a deposit-taking institution. Examples of uncovered products are: iv. An institution refers to the provisions of Regulation E relating to the disclosure of restrictions on the frequency and level of electronic transfers of funds, including security-related exceptions.

All restrictions on “ints transfers” on or from other consumer accounts for a specified period of time must be disclosed, even if intrainstitutional transfers are excluded from Regulation E. ii. In combination with other information or account conditions. 1. Examples. Bonuses include items of value other than interest offered to consumers as incentives, such as an offer to pay for the last installment payment from a holiday club account, for example.B. Items that are not bonuses include coupons for goods or services in restaurants or stores. 1. Deeming closes an account. An institution may, in its deposit contracts, provide, subject to national or other legislation, the actions of consumers which are considered accounts and which lead to the forfeiture of accrued but uncredited interest.

An example is the payment of all funds in the account before the date on which interest is credited. ii. When the change is introduced by the consumer, the advertising obligations provided by the opening of the account apply. Section 1030, paragraph 4, point b) (where the communication prescribed in this paragraph has been transmitted, institutions may provide new information about accounts or publications that merely highlight the new deadline) i. Newspapers, magazines or trade magazines (unless the deposit-taking establishment or a deposit broker offering accounts with the institution pay a publication fee or otherwise control the publication). 2. General questions. When it responds to a consumer`s general request to disclose a type of account (for example. B an NOW account), an institution offering several variants can provide information about an account that gives an account. i. When the amendment is initiated by the institution, the advertising obligations in this paragraph apply.

(paragraph 1030.5 point (a) applies when the change takes effect before the expiry of the existing time account.) 1. Generalities. A certificate of deposit allowing one or more interest rate adjustments before the consumer`s maturity is a variable rate account. iii. the restrictions provided by Regulation D of the Board of Governors of the Federal Reserve System (12 CFR, Part 204) for the number of withdrawals of money market deposit accounts by cheque to third parties each month. Institutions are not required to express reservations about the right to demand information on withdrawals of accounts required by federal or national law.


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