Data Dictionary
Item Number 2299
DEBITS TO SAVINGS DEPOSIT ACCOUNTS (INCLUDING MMDAS)Call confidentiality applies to FFIEC 031/041.
| Series | Start Date | End Date | Confidential? | Reporting Forms |
|---|---|---|---|---|
| DBIT2299 | 1992-09-30 | 1996-08-30 | Yes | FR 2573 |
Data Description:
Includes debits to all savings deposit accounts including MMDAs of individuals and sole proprietorships, nonprofit organizations, corporations and other profit organizations (excluding proprietorship), thrift institutions, United States Government, states and political subdivisions, international organizations, commercial banks in the United States and banks in foreign countries (including balances of foreign branches of other U.S. banks). Savings deposits have no specified maturity and no contractual provisions that requires the depositor to give prior written notice of an intention to withdraw funds. However, the bank, at its option, may at any time require depositors holding savings deposits to give written notice of an intended withdrawal not less than seven days before such withdrawal is made. Savings deposits may be evidenced by a passbook, written agreement or receipt which may also be in the form of a certificate, but withdrawal provisions must be consistent with those specified above for savings deposits. Excludes Christmas club, vacation club, and similar accounts for which there are written contracts providing that no withdrawal can be made until a certain number of periodic deposits have been made during a period of not less than three months, even though some of the deposits are made within 6 days of the end of the period. Also excludes ATS, NOW, and telephone and preauthorized transfer accounts. Money market deposit accounts (MMDAs) were authorized by the Depository Institutions Deregulation Committee (DIDC) effective December 14, 1982. MMDA accounts have the following principal characteristics: (a) no minimum maintenance balance requirement; (b) no minimum maturity required by regulation, but the reporting institution must reserve the right to require at least seven days notice prior to withdrawal; (c) no regulatory limitations on the amount of interest that may be paid; (d) depository institutions may not obligate themselves to pay any fixed or indexed rate for a period greater than a month; (e) up to six transfers (including telephone transfers) are permitted per month, with no more than three of these transfers in the form of drafts; and (f) no regulatory restrictions on the size or frequency of withdrawals by mail, messenger, or in person. Excludes debits to MMDAs that have original fixed maturities of 5 days or more. Depositories may guarantee an interest rate or method of calculation of an interest rate on an MMDA for up to one month and may condition that guarantee on the funds remaining on deposit for the same specified period of time; for reporting purposes, MMDAs carrying such a conditional agreement are considered to be "fixed maturity" MMDAs. NOTE: Reported on the FR 2573 report.