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Line C1, Total Savings Total Savings Deposits Characteristics of Savings Deposits Institution reserves the right to require 7 days notice prior to a withdrawal No specified maturity date Limits on transfers Limits on withdrawals Total Savings Deposits Include as Savings Deposits

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Total savings deposits l.jpg
Total Savings Deposits

  • Characteristics of Savings Deposits

    • Institution reserves the right to require 7 days notice prior to a withdrawal

    • No specified maturity date

    • Limits on transfers

    • Limits on withdrawals


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Total Savings Deposits

  • Include as Savings Deposits

    • Interest/Non-Interest bearing savings deposits

    • IRA/KEOGH accounts

    • Club accounts (ie. Christmas Club, Vacation Club, etc)

    • Escrow accounts

    • Savings deposits pledged as collateral for loans

These accounts MUST meet the definition of a savings deposit to be included!


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Total Savings Deposits

  • Include as Savings Deposits

    • MMDA, Passbook Savings, Statement Savings that qualify

    • Include interest credited to accounts


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Total Savings Deposits

  • Savings accounts have a 6 transaction limit

    • Monitoring systems

    • Customers who continuously exceed limits should be contacted

    • Accounts that habitually exceed transaction limits need to be reclassified


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Total Savings Deposits

  • Transaction limits, continued…

    • No more than 3 of the 6 monthly transactions may be made by:

      • Check

      • Debit Card

      • Phone, Fax, On-line

    • A general rule of thumb is that convenience counts



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Total Savings Deposits

  • Let’s go through an example

    • Mr. Smith has a MMDA account at Cleveland Bank

    • Here is November’s account activity


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Total Savings Deposits

Date

Transaction

Qualify

Mr. Smith’s checking account at Cleveland bank is overdrawn, so overdraft protection transfers $100 from savings to checking.

Yes

11/2/06

Yes

Mr. Smith uses his debit card to purchase a new suit

11/5/06

Mr. Smith comes in to the Columbus branch of Cleveland bank and withdraws $150.

No

11/10/06

Mr. Smith writes 2 checks off his MMDA account, one for the water bill and the other for his cell phone bill.

Yes

11/12/06


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Total Savings Deposits

Funds are transferred from Mr. Smith’s account to Cleveland bank as part of his monthly student loan payment.

11/15/06

No

Yes

Mr. Smith uses on-line banking to pay his credit card bill.

11/18/06

No

11/23/06

Mr. Smith goes to an ATM to withdraw $150.

11/26/06

Mr. Smith telephones in a request to withdraw $100 and a cashier’s check is sent to his house.

No


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Total Savings Deposits

  • Has Mr. Smith Exceeded the transaction limit?

    YES!

    (No more than 3 of 6 made by Check, debit card, on-line)


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Total Savings Deposits

  • Legitimate Differences– Commercial Banks

  • FR2900>FFIEC 031/041

    • Primary obligations

    • 2900 includes savings deposits of Non-US bank branches, deposits received from non-US affiliates, and balances held by Edge and agreement corporations


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Total Savings Deposits

  • Legitimate Differences- Savings and Loans

  • FR2900 > OTS 1313

    • Primary obligations

  • FR2900 < OTS 1313

    • 2900 excludes certain escrow funds

    • 2900 excludes balances at Non-US offices of the DI, Call includes them


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Total Savings Deposits

  • Legitimate Differences- Credit Unions

  • FR2900>NCUA 5300

    • Primary obligations

    • IRA/Keogh balances

    • Non-member deposits

  • FR2900<NCUA5300

    • Share draft accounts that exceed transaction limits or are not monitored

    • 2900 excludes balances held at non-US branches of DI, Call includes them



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