Lines A1c and A2 Transaction Accounts What is a transaction account? Transfers or Withdrawals through: ATMs Checks Debit Cards Unlimited amount of transactions Transaction Accounts Always regarded as transaction accounts: Demand Deposits NOW Accounts Share Draft Accounts
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Eligible to hold NOW accounts: Preauthorized transfers)
Individuals or Sole Proprietorships
Domestic Government Units
IOLTALine A2 (ATS, NOW/Share Drafts, and Telephone and Preauthorized transfers)
Account terms and disclosures must state that the institution reserves the right to require 7 days advance written notice of withdrawal. While these rights may not be exercised, not having them in the terms disqualifies them from being included in line A2.
IOLTA Checking Account
Quality Inc. Checking Account
Jane Doe’s overdrawn checking account
Girl Scouts interest bearing checking account
Lisa’s share draft account at ZY Credit Union
Advance Notice of Withdrawal
Line A1c or Line A2
Type of Financial