Now that checks are clearing MMDAs like ACH transactions how does this fit into the 3 check limit / 6 total limit on MMDAs? For example, I write a check to pay my Mastercard and they send it through as an ACH item - on my statement a check number is listed but it is also labeled an ACH. So, would my check to MC count in my 3 check limit or the overall 6 transaction limit?
Opinions are mine and subject to change frequently
I think you can make an argument either way. The Fed's published opinions indicate that ACH transfers are in the 6 bucket (and not the 3 bucket). But the words "or similar order" in the part of the regulation that deals with "check, draft, debit card, or similar order made by the depositor and payable to third parties" loom as a strong argument that an ARC, POP (or RCK) transaction should be counted like a check. I haven't seen the Fed opine officially that way, but I have received confirmation from an FRB attorney that it's the way they are thinking these days.
The problem is that many processing systems don't have the ability to break ACH transfers down into "3" and "6" buckets in the systems' reports for Regulation D monitoring.
John S. Burnett