Board of Governors of the Federal Reserve System

Data Dictionary

Item Number 6917

Call confidentiality applies to FFIEC 031/041.

Data Description:

Includes the sum of the balance of all ATS accounts, NOW accounts, and telephone and preauthorized transfer accounts. ATS (Automatic Transfer of Savings to checking) Accounts - Deposits or accounts of individuals or sole proprietorships on which the depository institution has reserved the right to require at least seven days' written notice prior to withdrawal or transfer of any funds in the account and from which, pursuant to written agreement arranged in advance between the reporting institution and the depositor, withdrawals may be made automatically through payment to the depository 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 other accounts. NOW (Negotiable Order of Withdrawal) Accounts - Represents interest-bearing deposits (1) on which the depository institution has reserved the right to require at least seven days' written notice prior to withdrawal or transfer of any funds in the account and (2) that can be withdrawn or transferred to third parties by issuance of a negotiable or transferable instrument. NOW accounts are authorized by federal law and are limited to accounts in which the entire beneficial interest is held by: 1. individuals or sole proprietorships; 2. governmental units including the federal government and its agencies and instrumentalities; state governments; county and municipal governments and their political sub-divisions; the District of Columbia; and the Commonwealth of Puerto Rico, American Samoa, Guam, and any territory or possession of the United States and their political subdivisions; or 3. an organization which is operated primarily for religious, philanthropic, charitable, educational, political or other similar purposes and which is not operated for profit (under Federal Reserve Board rules, these include organizations, partnerships, corporations, or associations that are not organized for profit and are described in section 501(c)(3) through (13) and (19) and section 528 of the Internal Revenue Code (26 U.S.C. (I.R.C. 1954) 501(c)(3) through (13), (19) and 527 through 528), such as church organizations; professional associations; trade associations; labor unions; fraternities, sororities and other similar social organizations; and nonprofit recreational clubs). The following types of organizations as described in the cited provisions of the Internal Revenue Code are among those not eligible to maintain NOW accounts: A. credit unions and other mutual depository institutions (501(c)(14)); B. mutual insurance companies (501(c)(15)); C. crop financing organizations (501(c)(16)); D. an organization created to function as part of a qualified group legal services plan (501(c)(20)); and E. farmers' cooperatives (521). Also includes the balance of all NOW accounts of certain other nonprofit organizations that may not fall within 3. above but that had established NOW accounts with the reporting institution prior to September 1, 1981. Note: There are no regulatory requirements with respect to minimum balances to be maintained in a NOW account or to the amount of interest that may be paid on a NOW account. However, any depository institution may place its own restrictions or requirements on NOW accounts as long as the accounts meet the minimum criteria set forth above and in Regulation D. All such NOW accounts are reported in this item, including those that previously were referred to as "Super NOW" accounts. Telephone and Preauthorized Transfer Accounts - Deposits or accounts, other than savings deposits, (1) in which the entire beneficial interest is held by a party eligible to hold a NOW account, (2) on which the reporting institution has reserved the right to require at least seven days' written notice prior to withdrawal or transfer of any funds in the account, and (3) under the terms of which, or by practice of the reporting institution, the depositor is permitted or authorized to make more than six withdrawals per month or statement cycle (or similar period) of at least four weeks for purposes of transferring funds to another account of the depositor at the same institution (including a transaction account) or for making payment to a third party by means of preauthorized transfer, or telephonic (including data transmission) agreement, order or instruction. An account that permits or authorizes more than six such withdrawals actually are made in a month. A month is a calendar month, or any period approximating a month that is at least 4 weeks long, such as a statement cycle. A preauthorized transfer includes any arrangement by the reporting 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 the reporting institution to pay a third party from the account of the depositor at a predetermined time or on a fixed schedule. Includes 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 institution that can be used for the purpose of making payments or transfers to third parties or others, or to another deposit account of the depositor. Also includes the balance of deposits or accounts that otherwise meet the definition of time deposits, but from which payments may be made to third parties by means of a debit card, an automated teller machine, remote service unit or other electronic device, regardless of the number of payments made. However, an account is not a transaction account merely by virtue of arrangements that permit the following types of transfers or withdrawals, regardless of the number: 1. Transfers for the purpose of repaying loans and associated expenses at the same depository institution (as originator or servicer). 2. Transfers of funds from this account to another account of the same depositor at the same depository institution when made by mail, messenger, automated teller machine, or in person. 3. Withdrawals for payment directly to the depositor when made by mail, messenger, automated teller machine, in person, or by telephone (via check mailed to the depositor).