Who is the account controller? If it is the bank, it is not, since the banks are exempt from CIP. iv. Individual Pension Accounts (ASA) and Simplified Pension Accounts (SEP). 2. Refer to Regulation D. Regulation D of the Board of Governors of the Federal Reserve System (12 CFR Part 204) allows, in certain circumstances, the withdrawal of funds without penalty for the first six days after the opening of a “fixed deposit”. (See 12 CFR 204.2 (c) (1) (i)) However, the fact that a consumer makes a payment in accordance with Regulation D does not disqualify the account as a time account for the purposes of this Part. 1. An account is closed like.
An institution may provide in its deposit contracts, subject to state or other law, for consumer acts treated as the closure of the account and resulting in the loss of accrued but uncredited interest. An example is the payment of all funds in the account before the date on which interest is credited. v. Payable on Death (POD) or “Totten Trust” accounts. 1. Savings accounts include savings accounts that are accessible by pre-authorized wire transfers to the account (as defined in 12 CFR 1005.2(j), for example.B an account that receives direct payments from Social Security. Accounts that allow access by other electronic means are not `savings accounts` and must meet the requirements of Article 1030(6) where accounts are sent four or more times a year. 1. Foreign Applicability.
The SD Regulation applies to all custodian banks, with the exception of credit unions, that offer deposit accounts to residents (including foreign residents) of a state within the meaning of Article 1030.2(r). Accounts held in a state institution are covered, even if funds are regularly transferred to a location outside the United States. Accounts held at an institution outside the United States are not covered, even if they are held by a U.S.-based company. 1. Design Requirements. Disclosures must be made in a format that allows consumers to easily understand the terms of their account. Institutions are not required to use a specific policy or policy, nor are institutions required to indicate a term that is more striking than any other term. Advertisements can be made: 1.
General. A deposit-take intermediary is a person who places or facilitates deposits in an institution within the meaning of the Federal Deposit Insurance Act (12 U.S.C. 29(g)). i. Price sheets published in a newspaper, journal or trade journal (unless the deposit-making institution or a deposit-making intermediary offering accounts with the institution pays a publication fee or controls the publication by other means). 4. Pension plans. IRAs and SEP accounts are consumer accounts to the extent that funds are invested in covered accounts. . .