What accounts does Reg CC apply to?
Regulation CC applies to all credit unions, but it only applies to transaction accounts. Non- transaction accounts, such as most credit union regular share accounts or membership accounts, are not governed by Reg CC. So Regulation CC does not apply to savings accounts; only to checking or share draft accounts.
What does Reg CC apply to?
When you deposit cash or checks into your checking or savings account at a bank, Regulation CC specifies how soon you can have access to your deposited funds. Additionally, Regulation CC requires that your bank discloses to you the schedule of your funds will be available for withdrawal.
Does Reg CC only apply to consumer accounts?
Regulation CC requires institutions to send change notices to holders of consumer accounts. So even though Reg. CC applies generally to commercial accounts, the change notice requirements only apply to consumer accounts.
Which type of account is not subject to Reg CC?
Unlike many “consumer” protection laws, Reg. CC does not specifically exclude business purpose deposits. It applies to consumer, fiduciary and business accounts but not to any type of savings accounts, including money market deposit accounts.
Does Reg CC apply to credit cards?
Answer: Unfortunately, checks drawn on a credit card account are just treated as regular, ordinary checks under Reg CC. … They become the problem of the credit card companies.
Does Reg CC apply to IRA accounts?
Answer: Regulation CC applies to transaction accounts as defined in Regulation D. In most institutions, that means NOW and demand deposit accounts. … The regulation does not apply to any type of savings account as defined in Regulation D, which would include money market deposit accounts.
Does Reg CC apply to ACH deposits?
The ACH debit transfer, which is being used to fund the opening of the checking account, is not an electronic payment under Regulation CC, and therefore, it is not subject to the next day availability rule set forth in section 229.10. … Thus, ACH debit transfers are more like checks than wire transfers.
Does Reg CC apply to Canadian checks?
Example: checks drawn on a Canadian bank should be sent for collection and that a Reg CC hold does not apply in this situation. … If an item is not a check, Reg CC does not apply to the deposit of that item.
Can you place a Reg CC hold on a Treasury check?
Answer: Not exactly. A Treasury Check (assuming it is deposited to the account of the payee) is normally next day availability. If the check does not meet the standard set out in 229.10(c), then the availability period would be 2nd business day.
Does Reg DD apply to checking accounts?
The types of accounts the regulation is intended to assist consumers with include savings accounts, checking accounts, money market accounts, certificates of deposit (CDs), variable-rate accounts, and accounts denominated in a foreign currency.
Does truth in savings apply to business accounts?
The Truth in Savings Act applies to individuals opening personal accounts. However, the act does not apply to business accounts, corporate accounts, or organizations (such as nonprofits) that open a business deposit account.
What accounts are not covered by Reg DD?
Coverage (§ 230.1)
Edge Act and agreement corporations, and agencies of foreign institutions, are not depository institutions for purposes of Regulation DD. In addition, persons who advertise accounts are subject to the advertising rules.
What triggers an APY disclosure?
For variable-rate accounts, an institution must disclose the following: • the fact that the interest rate and annual percentage yield may change, • how the interest rate is determined, • the frequency with which the interest rate may change, and • any limitation on the amount the interest rate may change.