Deposits and Deposit Insurance

FDIC Deposit Insurance - Banks and Thrifts

NCUA Share Insurance - Credit Unions

Types of Deposits

Demand Deposits

FRB definition - 12 CFR Part 204, Section 204.2(b)(1)
FDIC definition - 12 CFR Part 329, Section 329.1(b)
The taking of demand deposits is one of the key indicia of being a bank

Time Deposits

A deposit that the depositor does not have a right and is not permitted to make withdrawals from within six days after the date of deposit unless the deposit is subject to an early withdrawal penalty of at least seven days' simple interest on amounts withdrawn within the first six days after deposit

Types of Time Deposits include Savings Accounts

The term savings account means any withdrawable account, except a demand account as defined in OTS Regulation 12 CFR 561.16, a tax and loan account, a note account, a United States Treasury general account, or a United States Treasury time deposit-open account. It includes
- Certificates of Deposit
- Other Types of Time Deposits
- Negotiable Orders of Withdrawal NOW Accounts

The Federal Reserve Board, in respect of the activity-limiting provisions of the Competitive Equality Banking Act CEBA, distinguishes three types of distinct deposit-taking activities

demand deposits
non-demand deposits with third party payment capability includes NOW accounts
time and savings deposits without third party payment powers

See generally 12 CFR 225.145(c)(2)

Bank Deposits and Collections

Index of Deposit Regulations and Interpretations by Agency

FRB

12 CFR Part 205 - Reg E Electronic Fund Transfers

12 CFR Part 217 - Reg Q Prohibition Against the Payment
of Interest on Demand Deposits

N.B. There is currently pending in the House of Representatives the "Business Checking Freedom Act of 2005", HR 1224, that would allow the payment of interest on demand deposits

12 CFR Part 229 - Reg CC Availability Of Funds And
Collection Of Checks

12 CFR Part 230 - Reg DD Truth in Savings

OCC

12 CFR Part 7, Section 7.4007 - Deposit-taking

FDIC

Regulation of the payment of interest on federally insured demand deposits is a safety and soundness issue primarily within the purview of the FDIC by virtue of its position as the insurer of those deposits

12 CFR Part 329 - Interest on Deposits

OTS

12 CFR Part 557 - Deposits

Subpart A - General

557.1 What does this part do?

Subpart B - Deposit Activities of Federal Savings Assns

557.10 Governing the issuance of deposit accounts
557.11 Federal law preempting State laws
557.12 Examples of preempted state laws
557.13 State laws affecting deposits are not preempted
557.14 What interest rate may I pay on savings accts?
557.15 Who owns a deposit account?

Subpart C - Deposit Activities of All Savings Assns

557.20 Records maintained on deposit activities

Interpretive Materials

Brokered Deposits
Demand Deposits (Checking Accounts) and Negotiable Order of Withdrawal
Interest on Lawyer Trust Accounts IOLTA
Mutual Capital Certificates
Public Funds
Special Deposits (Receipt of Money, Financial Instruments, or Other Property for Safe-Keeping Including Escrow Accounts and Safe Deposit Boxes)
Time Deposits (CDs, Savings Accounts, and Retirement Accounts)

NCUA

12 CFR Part 701, Section 701.35- Share, share draft and share certificate accounts

12 CFR Part 707 - Truth in Savings

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