Questions and Answers
Can we charge a fee to a customer who has exceeded the transaction limit on a money market account?
Yes. Regulation D defines a money market account and sets out the transfer limitations. Under Reg D, there is no prohibition against imposing a fee on those accountholders that exceed the transfer limitations. Keep in mind, that the amount of this fee and the circumstances surrounding when the fee will be imposed must be included in your Truth in Savings disclosure statement.
(Posted: 11/26/2007)
