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Home > Regulation & Examinations > Laws & Regulations > FDIC Federal Register Citations |
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FDIC Federal Register Citations |
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Sent: Monday, September 17, 2001 3:02 PM
To: Comments Subject: Comment on Study of Banking Regulations re: Online Banking It is clear�that online banking�is a major
component of�where banking�is headed in the future.� A regulation that impedes
the promotion of, and use of, online banking is Regulation D.� This regulation
puts limitations on how many times a "preauthorized transfer" can be made during
the course of a month.��A "preauthorized transfer" includes transfers�from
savings and money market accounts�that can be conveniently made via online
banking.��
�
The preauthorized transfer limitation of six has
been in effect for several years.� Since that time, banking has expanded it's
services to include telephone banking, ATM's, and now, online banking.� All of
these vehicles have made banking more convenient.� However, if money is
transferred from savings or money market accounts using these vehicles, it is
counted in the limitation of six.�
On one hand�we are introducing and promoting�these
products, and on the other hand,�we are notifying�customers�that they have
exceeded their transfer limitation�and have violated the law.���
�
Not long ago, legislation was pending that would
increase the limit to twenty-four transfers per month; however, this would only
apply to commercial accounts.� Please consider increasing the preauthorized
transfer limitation imposed by Regulation D for all accounts.�
�
�
Julie Smith, Compliance Officer Farmers & Merchants State Bank Springfield, MN� 56087 507.723.4800 |
| Last Updated 09/18/2001 | regs@fdic.gov |
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