FR2886b_20210331_i_draft

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Schedule RC-E

time deposits, but from which payments may be made to third parties by
means of a debit card, an automated
teller machine, remote service unit
or A
Insert
other electronic device, regardless of
the number of payments made.
(2) Nontransaction accounts: All deposits that are not
transaction accounts (as defined above) are nontransaction accounts. Nontransaction accounts
include: savings deposits ((i) money market
deposit accounts (MMDAs) and (ii) other savings
deposits) and (b) time deposits ((i) time
certificates of deposit and (ii) time deposits, open
account). Regulation D no longer distinguishes
between money market deposit accounts
(MMDAs) and other savings deposits. However,
these two types of accounts are defined below for
purposes of these reports.
(a) Savings deposits are deposits with respect to
which the depositor is not required by the
deposit contract but may at any time be
required by the depository institution to give
written notice of an intended withdrawal
not less than seven days before withdrawal is
made, and that is not payable on a specified
date or at the expiration of a specified time
after the date of deposit.
The term savings deposit also means a
deposit or account, such as an account commonly known as a passbook savings
account, a statement savings account, or a
money market deposit account (MMDA),
that otherwise meets the requirements of the
preceding paragraph.
Further, for a savings deposit account, no minimum
balance is required by regulation, there is no regulatory
limitation on the amount of interest that may be paid,
and no minimum maturity is required (although
depository institutions must reserve the right to require
at least seven days’ written notice prior to withdrawal
as stipulated above for a savings deposit).
Any depository institution may place restrictions and
requirements on savings deposits in addition to those
stipulated above. In the case of such further restrictions, the account would still be reported as a savings
deposit.

Treatment of Accounts where Reporting
Institutions Have Suspended Enforcement
of the Six Transfer Limit per Regulation D
Where the reporting institution has suspended the
enforcement of the six transfer limit rule on an account
that meets the definition of a savings deposit, the
reporting institution may continue to report such
deposits as a savings account, or may choose to report
them as transaction accounts based on an assessment
of the characteristics of the account as indicated
below:
(1) If the reporting institution does not retain the
reservation of right to require at least seven days'
written notice before an intended withdrawal,
report the account as a demand deposit.
(2) If the reporting institution does retain the reservation of right to require at least seven days' written notice before an intended withdrawal and the
depositor is eligible to hold a NOW account,
report the account as either an ATS account,
NOW account, or a telephone and preauthorized
transfer account.
(3) If the reporting institution does retain the reservation of right to require at least seven days' written notice before an intended withdrawal and the
depositor is ineligible to hold a NOW account,
the account should continue to be reported as a
savings deposit.
Regulation D no longer distinguishes between money
market deposit accounts (MMDAs) and other savings
deposits. However, these two types of accounts are
defined as follows for purposes of these reports, which
call for separate data on each.
(1) Money market deposit accounts are deposits or
accounts that meet the above definition of a savings deposit.
(2) Other savings deposits are deposits or accounts
that meet the definition of a savings deposit but
that permit no transfers by check, draft, debit
card, or similar order made by the depositor and
payable to third parties. Other savings deposits
are commonly known as passbook savings or
statement savings accounts.

RC-E-4
June 2020

March 2021

FR RC-E

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Treatment of Accounts where Reporting Institutions Have Suspended Enforcement of the Six
Transfer Limit per Regulation D
Where the reporting institution has suspended the enforcement of the six transfer limit rule on
an account that meets the definition of a savings deposit, the reporting institution is required to
report such deposits as a savings account or a transaction account based on an assessment of the
characteristics of the account as indicated below:
1) If the reporting institution does not retain the reservation of right to require at least
seven days' written notice before an intended withdrawal, report the account as a
demand deposit (and as a "transaction account").
2) If the reporting institution does retain the reservation of right to require at least seven days'
written notice before an intended withdrawal, report the account as either a NOW1 account
(and as a "transaction account") or as a savings deposit (and as a nontransaction account).

1The

option to report as a NOW account (and a transaction account) is only applicable to institutions that offer NOW
accounts. Institutions that do not offer NOW accounts should continue to report such deposits as a savings deposit (and
as a nontransaction account).