Monetary Control Act and Regulation D

Question 1

T or F
Transaction accounts are the key subject of concern to credit unions under the Reg D reserve requirements.

Answer 1

True

Question 2

T or F
A share or savings account may have up to, but no more than, 6 automatic or telephonic transfer per month.

Answer 2

True

Question 3

T or F
Online (home banking) transfers from savings to checking count toward the limit of 6 transfers for savings and Money Market accounts

Answer 3

True

Question 4

T or F
if the early withdrawal penalty on a time deposit (certificate account) exceeds the dividends earned on the deposit, the balance of the penalty must be paid from the princpal in the account.

Answer 4

True

Question 5

T or F
Limiting the number of transactions on a deposit account is the feature that makes a deposit account a non-reservable liability.

Answer 5

True