Comments of the Council on Wage and Price Stability: Before the Board of Governors of the Federal Reserve and the FDIC: Interest on Deposits Proposed Amendment to Permit Preauthorized Withdrawals from Savings Deposits to Cover Insufficient Funds Items

by William Lilley on June 14, 1976
by William Lilley, Thomas M. Lenard, Peter H. Lowry and James C. Miller

A proposal to allow depositors to authorize their bank to cover overdrafts on a checking account by using funds from their savings accounts was supported today by the Council on Wage and Price Stability. The Council’s view, made in a filing before the Federal Reserve Board (FRB) and the Federal Deposit Insurance Corporation (FDIC), supported FRB-FDIC proposed regulations which might result in appreciable savings to consumers and businesses…

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