For purposes of the sweep in 370.4(c), does a noninterest-bearing savings deposit also include a noninterest-bearing money market deposit account (MMDA)?
Yes. The term "savings deposit" includes an MMDA. Therefore, a "noninterest-bearing savings deposit account" includes a noninterest-bearing MMDA.
What if the funds in a guaranteed low-interest NOW account (with interest rate no higher than 0.50 percent through June 30, 2010 and 0.25 percent after June 30, 2010 ) are swept or transferred into (or reclassified as) a low-interest savings deposit account (with interest rate no higher than 0.50 percent through June 30, 2010 and 0.25 percent after June 30, 2010 )? Will the funds lose the benefit of the guarantee? The FDIC's regulations include the following rule: "In the case of funds swept from a noninterest-bearing transaction account to a noninterest-bearing savings deposit account, the FDIC will treat the swept funds as being in a noninterest-bearing transaction account."
This rule is based upon the premise that the sweep or reclassification of the funds for reserve purposes does not change the basic nature of the funds for other ... more.
Yes. The term "savings deposit" includes an MMDA. Therefore, a "noninterest-bearing savings deposit account" includes a noninterest-bearing MMDA.
What if the funds in a guaranteed low-interest NOW account (with interest rate no higher than 0.50 percent through December 31, 2009) are swept or transferred into (or reclassified as) a low-interest savings deposit account (with interest rate no higher than 0.50 percent through December 31, 2009)? Will the funds lose the benefit of the guarantee? The FDICs regulations include the following rule: In the case of funds swept from a noninterest-bearing transaction account to a noninterest-bearing savings deposit account, the FDIC will treat the swept funds as being in a noninterest-bearing transaction account.
This rule is based upon the premise that the sweep or reclassification of the funds for reserve purposes does not change the basic nature of the funds for other purposes. Thus, if the funds are guaranteed prior to the sweep, the funds ... more.
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Related Questions
For purposes of the sweep in 370.4(c), does a noninterest bearing savings deposit also include a noninterest bearing money market deposit account (MMDA)?
Are funds that are classified on a bank's general ledger as noninterest-bearing savings accounts covered under the Temporary Liquidity Guarantee Program?
How long does it take for money that is withdrawn from an Orange Savings Account/Orange Living Trust Savings Accounts to appear in a linked account?
For problem institutions, is the assessment rate on the noninterest-bearing balances in excess of $250,000 10 basis points, or the higher rate normally applied to problem banks?
For problem institutions, is the assessment rate on the noninterest bearing balances in excess of $250,000 10 basis points, or the higher rate normally applied to problem banks?
What's a money market account? Is it similar to an online savings account?