Rates Current as of Friday February 10, 2012

Federal Regulation D defines what qualifies as a savings account for regulated financial institutions. The regulation establishes requirements for deposit accounts and specifies a depositor is permitted or authorized to make up to six transfers or withdrawals per month or statement cycle. The financial institutions may authorize up to three of these transfers to be by check, draft, debit card or similar type order. This is the primary reason as to why these accounts have withdrawal restrictions attached to them.

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Banking & CD FAQs

I wrote a check and post-dated it. However, the bank cashed it prior to the date written on the check. Can the bank do this?

Yes. National banks are permitted to pay checks even though payment occurs prior to the date of the check. A check is a negotiable instrument—the payee, the person to whom the check is written, may negotiate it through the banking system at any time. If you have incurred damages because a check has

I have an emergency fund so I don’t need to worry about early withdrawal penalties on my certificates of deposit, do I?

Having an emergency fund of savings and investment in CDs should certainly alleviate any problems with short term unexpected cash needs. With an emergency fund in an account that does not penalize early withdrawal would certainly make it highly unlikely you would need to cash out a long term CD for unexpected short-term money

If I want to set up an account at the local bank for my nephew under the Uniform Transfers to Minors Act (UTMA). Can I set up the account, or do his mother or father need to set it up?

There is no requirement on who has to be the person who has the authority to do transactions on behalf of the child or the custodian under the Uniform Transfers to Minors Act in effect in most states. You will need your nephews Security number.

Is there any benefit to choosing to do business with a bank that is a member of the Federal Reserve System?

On average, member banks tend to be the larger institutions. If you choose to bank at a member institution, you will likely be choosing a larger bank with many branch locations, alternatively, if you choose to hold an account with a nonmember bank, you’ll typically be choosing a smaller institution with fewer branch locations.

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Why am I restricted on the amount of withdrawals I can make from my savings account each month?

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