Board of Governors of the Federal Reserve System

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

Micro Data Reference Manual

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Data Dictionary

Item Number 6055

FLAT MONTHLY FEE APPLIED - NOW ACCOUNT

Call 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.

Last update: May 20, 2024