Line C1, Total Savings

1
Line C1, Total Savings
2
Total Savings Deposits

• Characteristics of Savings Deposits
• Institution reserves the right to require 7 days
  notice prior to a withdrawal
• No specified maturity date
• Limits on transfers
• Limits on withdrawals

3
Total Savings Deposits

• Include as Savings Deposits
• Interest/Non-Interest bearing savings deposits
• IRA/KEOGH accounts
• Club accounts (ie. Christmas Club, Vacation Club,
  etc)
• Escrow accounts
• Savings deposits pledged as collateral for loans

These accounts MUST meet the definition of a
savings deposit to be included!
4
Total Savings Deposits

• Include as Savings Deposits
• MMDA, Passbook Savings, Statement Savings that
  qualify
• Include interest credited to accounts

5
Total Savings Deposits

• Savings accounts have a 6 transaction limit
• Monitoring systems
• Customers who continuously exceed limits should
  be contacted
• Accounts that habitually exceed transaction
  limits need to be reclassified

6
Total Savings Deposits

• Transaction limits, continued
• No more than 3 of the 6 monthly transactions may
  be made by
• Check
• Debit Card
• Phone, Fax, On-line
• A general rule of thumb is that convenience
  counts

7
Total Savings Deposits
8
Total Savings Deposits

• Lets go through an example
• Mr. Smith has a MMDA account at Cleveland Bank
• Here is Novembers account activity

9
Total Savings Deposits
Date
Transaction
Qualify
Mr. Smiths checking account at Cleveland bank is
overdrawn, so overdraft protection transfers 100
from savings to checking.
Yes
11/2/06
Yes
Mr. Smith uses his debit card to purchase a new
suit
11/5/06
Mr. Smith comes in to the Columbus branch of
Cleveland bank and withdraws 150.
No
11/10/06
Mr. Smith writes 2 checks off his MMDA account,
one for the water bill and the other for his cell
phone bill.
Yes
11/12/06
10
Total Savings Deposits
Funds are transferred from Mr. Smiths account to
Cleveland bank as part of his monthly student
loan payment.
11/15/06
No
Yes
Mr. Smith uses on-line banking to pay his credit
card bill.
11/18/06
No
11/23/06
Mr. Smith goes to an ATM to withdraw 150.
11/26/06
Mr. Smith telephones in a request to withdraw
100 and a cashiers check is sent to his house.
No
11
Total Savings Deposits

• Has Mr. Smith Exceeded the transaction limit?
• YES!
• (No more than 3 of 6 made by Check, debit card,
  on-line)

12
Total Savings Deposits

• Legitimate Differences Commercial Banks
• FR2900FFIEC 031/041
• Primary obligations
• 2900 includes savings deposits of Non-US bank
  branches, deposits received from non-US
  affiliates, and balances held by Edge and
  agreement corporations

13
Total Savings Deposits

• Legitimate Differences- Savings and Loans
• FR2900 OTS 1313
• Primary obligations
• FR2900
• 2900 excludes certain escrow funds
• 2900 excludes balances at Non-US offices of the
  DI, Call includes them

14
Total Savings Deposits

• Legitimate Differences- Credit Unions
• FR2900NCUA 5300
• Primary obligations
• IRA/Keogh balances
• Non-member deposits
• FR2900
• Share draft accounts that exceed transaction
  limits or are not monitored
• 2900 excludes balances held at non-US branches of
  DI, Call includes them

15
Total Savings Deposits

• Questions???