Board of Governors of the Federal Reserve System

Data Dictionary

Item Number 2201

Call confidentiality applies to FFIEC 031/041.

Data Description:

The term "transaction account" is defined as a deposit or account on which the depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawal, telephone transfers, or other similar devices for the purpose of making payments or transfers to third persons or others.

Includes:

(1)   Deposits related to the personal, household, or family activities of both farm and nonfarm individuals and to the business activities of sole proprietorships;

(2)   Deposits of corporations and organizations (other than depository institutions), regardless of whether or not they are operated for profit, including but not limited to: (a) mutual funds and other nondepository financial institutions; (b) foreign government-owned nonbank commercial and industrial enterprises; and (c) quasi-governmental organizations such as post exchanges on military posts and deposits of a company, battery, or similar organization (unless the reporting bank has been designated by the U.S. Treasury as a depository for such funds and appropriate security for the deposits has been pledged, in which case, include in item 2202);

(3)   Dealer reserve accounts;

(4)   Deposits of U.S. Government Agencies and Instrumentalities such as the: (a) Banks for Cooperatives, (b) Export-Import Bank of the U.S., (c) Federal Deposit Insurance Corporation, (d) Federal Financing Bank, (e) Federal Home Loan Bank Board, (f) Federal Home Loan Banks, (g) Federal Home Loan Mortgage Corporation, (h) Federal Intermediate Credit Banks, (i) Federal Land Banks, (j) Federal National Mortgage Association, (k) National Credit Union Administration Central Liquidity Facility,   (l) National Credit Union Share Insurance Fund, and (m) Student Loan Marketing Association;

(5)   Deposits of trust funds standing to the credit of other banks and all trust funds held or deposited in any department (except the trust department) of the reporting bank if the beneficiary is an individual, partnership, or corporation;

(6)   Credit balances on credit cards and related plans as a result of customer overpayment;

(7)   Deposits of a federal or state court held for the benefit of individuals, partnerships, or corporations, such as bankruptcy funds and escrow funds.

Excludes deposits of: (1) the U.S. Government; (2) commercial banks in the U.S.; (3) other depository institutions in the U.S.; and (4) banks in foreign countries.

Includes as transaction accounts: (a) demand deposits; (b) deposits or accounts subject to check, draft, negotiable order of withdrawal ("NOW"), or other similar item; (c) savings deposits or accounts from which withdrawals may be made automatically through payment to the reporting institution itself or through transfer of credit to a demand deposit or other account in order to cover checks or drafts drawn upon the institution or to maintain a specified balance in, or to make periodic transfers to, such accounts (Automatic Transfer or ATS accounts); (d) deposits or accounts from which payments may be made to third parties by means of an Automated Teller Machine (ATM), Remote Service Unit (RSU), or other electronic device; (e) deposits or accounts from which payments may be made to third parties by means of a debit card; (f) deposits or accounts (other than MMDAs) under the terms of which, or which by practice of the reporting institution, the depositor is permitted or authorized to make more than three withdrawals per month for purposes of transferring funds to another account or for making a payment to a third party by means of a preauthorized or telephone agreement, order, or instruction. An account that permits or authorizes more than three such withdrawals in a month is a transaction account whether or not more than three such withdrawals actually are made in a month. A preauthorized transfer includes any agreement by the depository institution to pay a third party from the account of a depositor upon written or oral instruction (including an order received through an Automated Clearing House (ACH)), or any arrangement by a depository institution to pay a third party from the account of the depositor at a predetermined time or on a fixed schedule. An account is not a transaction account by virtue of an arrangement that permits withdrawals for the purpose of repaying loans and associated expenses at the reporting institution (as originator or servicer), or for making payments to the reporting institution for banking services such as safe deposit rental; (g) deposits or accounts maintained in connection with an arrangement that permits the depositor to obtain credit directly or indirectly through the drawing of a negotiable or nonnegotiable check, draft, order or instruction, or other similar device (including telephone or electronic order or instruction) on the issuing depository institution that can be used for the purpose of making payments or transfers to third parties or others, or to a deposit account of the depositor. Deposits subject to such arrangements that were established before October 5, 1982, will not be regarded as transaction accounts (a) until the deposit issued in connection with the line of credit is extended, or matures and is renewed, or (b) if the deposit issued in connection with the credit line matured and was automatically renewed on or before December 31, 1982; and (h) interest paid by crediting transaction accounts.

NOTE:
Reported as a derived item for the FR 2886B report, as RCON2201 which includes the sum of RCON2241 and RCON2244.

SUMD2201 -- ON FORM NO DATA

COMPARABILITY:
Prior to 3/31/94, reported as a derived item for the FR 2886B report, as RCFN2201 which included the sum of RCFN2241 and RCFN2244.