Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Get Daily Updates of the NEWS & GURUS in your EMAIL
CHECK YOUR EMAIL for VERIFICATION

Enter your email address:

Dodd Frank Act Question DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Dodd Frank Act Question

2 posters

Go down

Dodd Frank Act Question Empty Dodd Frank Act Question

Post by Herb Lady Thu Mar 08, 2012 8:19 am

Ok I understand that under the Dodd Frank Act that the non-interest bearing accounts are insured for an indefinite amount - However, one bank told me that it is for the first account but not the second. I questioned them about this since both accounts would be non-interest bearing, they said it didn't matter that you have to have it set up with other people to cover the money for up to 250,000 per person. I disputed this with them, and of course I won't be banking there because it is my understanding that under Dodd Frank, it shouldn't matter if it is the first or second account as long as they are both non-interest bearing.

Is this a correct understanding or not??????

Thanks!
Herb Lady
Herb Lady
Elite Member
Elite Member

Posts : 362
Join date : 2011-07-24

View user profile

Back to top Go down

Dodd Frank Act Question Empty Re: Dodd Frank Act Question

Post by DonnieMax Thu Mar 08, 2012 8:47 am

FDIC Approves Rule to Implement Section 343 of Dodd-Frank Act
by David Kantor | November 9, 2010

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a final rule to implement section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 343 provides temporary unlimited coverage for noninterest-bearing transaction accounts. This separate coverage will become effective on December 31, 2010, and will end on December 31, 2012.

The final rule revises the FDIC’s deposit insurance regulations to include noninterest-bearing transaction accounts as a new temporary deposit insurance account category. All funds held in such accounts are fully insured, without limit, and this coverage is separate from, and in addition to, the coverage provided to depositors for other accounts at an insured depository institution.

Noninterest-bearing accounts, as defined in the Dodd-Frank Act, include only traditional, noninterest-bearing demand deposit (or checking) accounts that allow for an unlimited number of transfers and withdrawals at any time, whether held by a business, individual or other type of depositor.


This was from dodd-frank.com the lower is from fdic.gov website. Please note that both sites say "accounts" as in plural accounts


Frequently Asked Questions Regarding Sections 343 and 627 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
Last Updated August 9, 2011
Printable Version - PDF (PDF Help)
Please be aware that since the last version of the Frequently Asked Questions on the Dodd-Frank Act dated June 13, 2011, some questions have been added, deleted, and amended.

Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“DFA”) provides temporary unlimited deposit insurance coverage for noninterest-bearing transaction accounts at all FDIC-insured depository institutions (the “Dodd-Frank Deposit Insurance Provision”). The FDIC has added section 12 C.F.R. § 330.16 and amended certain other provisions of the deposit insurance regulations to implement the Dodd-Frank Deposit Insurance Provision. The new and revised rules are discussed in Financial Institution Letter FIL-76-2010 issued November 9, 2010, and in Financial Institution Letter FIL-2-2011 issued January 21, 2011.

Section 627 of the DFA, which became effective July 21, 2011, repeals the statutory prohibition against the payment of interest on demand deposit accounts (“DDAs”). To make FDIC regulations consistent with Section 627, on July 6, 2011 the FDIC Board of Directors issued a new final rule (76 Federal Register 41392) rescinding 12 C.F.R. Part 329, the regulations that had prohibited the payment of interest on DDAs. Two provisions from Part 329 have been retained and moved to 12 C.F.R. Part 330. One is the definition of “interest” which is now found at 12 C.F.R. § 330.1(k). The other retained provision, relating to “premiums” and certain payments which are not deemed “interest,” is now section 12 C.F.R. § 330.101.

Below are frequently asked questions and answers concerning Sections 343 and 627 of the DFA and the related FDIC regulations.[b]
DonnieMax
DonnieMax
New Member
New Member

Posts : 7
Join date : 2011-08-04
Age : 68
Location : Houston

View user profile

Back to top Go down

Dodd Frank Act Question Empty Re: Dodd Frank Act Question

Post by Herb Lady Thu Mar 08, 2012 8:53 am

BLESS YOU DONNIEMAX!!!! Dodd Frank Act Question 949729897
Herb Lady
Herb Lady
Elite Member
Elite Member

Posts : 362
Join date : 2011-07-24

View user profile

Back to top Go down

Dodd Frank Act Question Empty Re: Dodd Frank Act Question

Post by DonnieMax Thu Mar 08, 2012 9:00 am

I hope it helped.
DonnieMax
DonnieMax
New Member
New Member

Posts : 7
Join date : 2011-08-04
Age : 68
Location : Houston

View user profile

Back to top Go down

Dodd Frank Act Question Empty Re: Dodd Frank Act Question

Post by Herb Lady Thu Mar 08, 2012 9:04 am

OH YES IT DID HELP VERY MUCH!! Ha! Good thing I'm not in front of you right now, or I probably would have given you a big hug and kiss for that - not a good thing - I still have dragon breath this morning!!! LOL!
Herb Lady
Herb Lady
Elite Member
Elite Member

Posts : 362
Join date : 2011-07-24

View user profile

Back to top Go down

Dodd Frank Act Question Empty Re: Dodd Frank Act Question

Post by Herb Lady Thu Mar 08, 2012 9:19 am

JUST JOKING!!! lol!
Herb Lady
Herb Lady
Elite Member
Elite Member

Posts : 362
Join date : 2011-07-24

View user profile

Back to top Go down

Dodd Frank Act Question Empty Re: Dodd Frank Act Question

Post by DonnieMax Thu Mar 08, 2012 9:28 am

LOL
DonnieMax
DonnieMax
New Member
New Member

Posts : 7
Join date : 2011-08-04
Age : 68
Location : Houston

View user profile

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum