Regulation CC applies to all credit unions, but it only applies to transaction accounts. Non- transaction accounts, such as most credit union regular share accounts or membership accounts, are not governed by Reg CC. So Regulation CC does not apply to savings accounts; only to checking or share draft accounts.
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Does Reg CC only apply to consumer accounts?
Regulation CC requires institutions to send change notices to holders of consumer accounts. So even though Reg. CC applies generally to commercial accounts, the change notice requirements only apply to consumer accounts.
Does Reg CC cover money market accounts?
Unlike many “consumer” protection laws, Reg. CC does not specifically exclude business purpose deposits. It applies to consumer, fiduciary and business accounts but not to any type of savings accounts, including money market deposit accounts.
What is a new account for Reg CC?
Answer by Brian Crow: Section 229.2(a) of Reg CC defines an account as a “demand deposit account, a negotiable order of withdrawal account, a share draft account, an automatic transfer account, or any other transaction account described in .2(e).” At the federal level, Reg CC applies to your checking and NOW
Does Reg CC apply to Canadian checks?
Question: Where is it stated that Reg CC does not apply to foreign checks? Example: checks drawn on a Canadian bank should be sent for collection and that a Reg CC hold does not apply in this situation.
Does Reg CC apply to cashier’s checks?
Among the covered check deposits are cashier’s, certified, and teller’s checks; government checks (including U.S. Treasury checks, USPS money orders, state and local government checks, and checks drawn on a Federal Reserve Bank or an FHLB); and certain on-us checks (checks drawn on the same bank, or a branch thereof).
Does Reg CC apply to mobile deposits?
Answer: The answer is “yes” and “no”. Mobile deposits are NOT subject to the funds availability rules of Regulation CC (aka Subpart B), but they are subject to the check collection rules of Regulation CC (aka Subpart C).
Does Regulation CC apply to savings account?
Regulation CC applies to all credit unions, but it only applies to transaction accounts. Non- transaction accounts, such as most credit union regular share accounts or membership accounts, are not governed by Reg CC. So Regulation CC does not apply to savings accounts; only to checking or share draft accounts.
Does Reg CC apply to ach?
Regulation CC defines an electronic payment as a wire transfer or an ACH credit transfer, and that distinction makes all the difference.