We agree that Regulation CC does not apply to savings account. See 12 CFR 229.2(a) (definition of “account”). As explained in the Official Staff Commentary, the “account” definition “does not cover time deposits or savings deposits.” Comment 1, 12 CFR 229.2(a).

Regulation CC’s definition of “account” includes a reference to Regulation D, which sets up the distinction between a “transaction account” and a “time deposit” (savings account):

• A “transaction account” is “a deposit or account from which the depositor or account holder is permitted to make transfers or withdrawals . . . or from which the depositor may make third party payments at an automated teller machine ( ATM ) or a remote service unit, or other electronic device, including by debit card, but the term does not include savings deposits or accounts described in paragraph (d)(2) of this section even though such accounts permit third party transfers.” The definition goes on to discuss several examples of transaction accounts (including demand deposits and NOW accounts). 12 CFR 204.2(e).

• A “time deposit” (savings account) is an account in which “the depositor does not have a right and is not permitted to make withdrawals from within six days after the date of deposit unless the deposit is subject to an early withdrawal penalty of at least seven days’ simple interest on amounts withdrawn within the first six days after deposit.” 12 CFR 204.2(e).