Q: Are money market accounts covered under Regulation CC?
A: Money market accounts, or MMDAs, are considered savings accounts and are not subject to Regulation CC.
Reference:
“a) Account. (1) Except as provided in paragraphs (a)(2) and (a)(3) of this section, account means a deposit as defined in 12 CFR 204.2(a)(1)(i) that is a transaction account as described in 12 CFR 204.2(e). As defined in these sections, account generally includes accounts at a bank from which the account holder is permitted to make transfers or withdrawals by negotiable or transferable instrument, payment order of withdrawal, telephone transfer, electronic payment, or other similar means for the purpose of making payments or transfers to third persons or others. Account also includes accounts at a bank from which the account holder may make third party payments at an ATM, remote service unit, or other electronic device, including by debit card, but the term does not include savings deposits or accounts described in 12 CFR 204.2(d)(2) even though such accounts permit third party transfers. An account may be in the form of—
- A demand deposit account,
- A negotiable order of withdrawal account,
- A share draft account,
- An automatic transfer account, or
- Any other transaction account described in 12 CFR 204.2(e).”
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