Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-migrate-db domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /srv/app/gotoiba-dev/htdocs/web/wp-includes/functions.php on line 6121
Do we need to provide a funds availability disclosure for savings accounts? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Do we need to provide a funds availability disclosure for savings accounts?

—

by

No, you are not required to provide a funds availability notice for a savings account, because Regulation CC does not apply to saving accounts. Unless your account agreement (or disclosures) provide that the bank will comply with Regulation CC, a Reg CC funds availability notice is not required.

For resources related to our guidance, please see:

  • Regulation CC, 12 CFR 229.2(a) (“Account means a deposit as defined in 12 CFR 204.2(a)(1)(i) that is a transaction account . . . .”)
  • Regulation CC, Official Interpretations, 12 CFR 229, Paragraph 2(a), Comment 1 (The definition of account “does not cover time deposits or savings deposits . . . .”)