Before the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation: Interest on Deposits-Automatic Transfers of Savings Deposits

by Barry Bosworth on March 20, 1978
by Barry Bosworth, Peter H. Lowry, Thomas D. Hopkins and Thomas M. Lenard

The Council on Wage and Price Stability (Council) offers these comments on a proposal by the Board of Governors of the Federal Reserve System (Board) to permit automatic transfer of funds from an individual’s saving account to his or her checking account to cover checks drawn by the depositor or to replenish the depositor’s checking account. The proposal, which would amend the Board’s Regulation Q, applies to banks which are members of the Federal Reserve
System. It is a revision of an earlier proposal published in March 1976.  At that time, the Federal Deposit Insurance Corporation (FDIC) published a parallel proposal covering nonmember insured banks. The FDIC has not yet published a revised proposal, but is considering doing so, and has requested comments on the Board’s proposal.

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