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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These accounts MUST meet the definition of a savings deposit to be included!
Mr. Smith’s checking account at Cleveland bank is overdrawn, so overdraft protection transfers $100 from savings to checking.
Mr. Smith uses his debit card to purchase a new suit
Mr. Smith comes in to the Columbus branch of Cleveland bank and withdraws $150.
Mr. Smith writes 2 checks off his MMDA account, one for the water bill and the other for his cell phone bill.
Funds are transferred from Mr. Smith’s account to Cleveland bank as part of his monthly student loan payment.
Mr. Smith uses on-line banking to pay his credit card bill.
Mr. Smith goes to an ATM to withdraw $150.
Mr. Smith telephones in a request to withdraw $100 and a cashier’s check is sent to his house.
(No more than 3 of 6 made by Check, debit card, on-line)