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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
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 deposits3
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!

total savings deposits4
Total Savings Deposits
  • Include as Savings Deposits
    • MMDA, Passbook Savings, Statement Savings that qualify
    • Include interest credited to accounts
total savings deposits5
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
total savings deposits6
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
total savings deposits8
Total Savings Deposits
  • Let’s go through an example
    • Mr. Smith has a MMDA account at Cleveland Bank
    • Here is November’s account activity
total savings deposits9
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

total savings deposits10
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

total savings deposits11
Total Savings Deposits
  • Has Mr. Smith Exceeded the transaction limit?

YES!

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

total savings deposits12
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
total savings deposits13
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
total savings deposits14
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