Data Dictionary
Item Number 6055
FLAT MONTHLY FEE APPLIED - NOW ACCOUNTCall confidentiality applies to FFIEC 031/041.
Series | Start Date | End Date | Confidential? | Reporting Forms |
---|---|---|---|---|
MMTD6055 | 1989-08-30 | 1997-08-31 | No |
Data Description:
A one-digit code indicating whether an flat monthly fee was applied to the NOW accounts.
1 = Yes
2 = No
A flat monthly fee is a fixed charge applied to an account, usually on a monthly or statement cycle basis. Such fees are often referred to as account maintenance charges. If there is a contractual agreement with NOW account holders that allows the institution to impose such a monthly fee on these accounts under any set of circumstances (e.g., a depositor fails to meet a specified minimum balance requirement for a statement cycle) the answer should be yes. A yes is also entered even if such a contractually authorized fee is never imposed in practice.