Alert September 22, 2009

FDIC Eliminates Three Transfer Sublimit for Savings Deposit Withdrawals

The FDIC issued a final rule amending its regulations to eliminate the three transfer sublimit on checks, debit cards, or similar order made by the depositor and payable to third parties from savings deposits. The overall six transfer limit on pre-authorized or automatic withdrawals will still exist. The final rule parallels a recent amendment to Regulation D by the FRB which took effect on July 2, 2009. The FDIC’s final rule was effective on September 15, 2009. Click here for the final rule.