Regulation D and how it may affect you
What you need to know to make sure your account transfers are completed
As a financial institution governed by the Federal Reserve Board, Belco is required to meet mandatory compliance of Regulation D. As a member with an account with Belco, this regulation pertains to your accounts. Here is what you need to know about the regulation, how it affects your accounts and thing you can do to avoid its limitations.
Which accounts have limitations?
The following savings accounts offered at Belco Community Credit Union have transaction limitations: Basic Savings and Sizzling Savings (S1), Holiday Club (S2), Savings Safari, Xtreme Teen Savers, Whatever Club and Critter Club (S3), as well as all Money Market accounts (S6, S14, S15, S16).
What are the limitations for these accounts?
Transfers or withdrawals from these accounts are limited to six (6) during a calendar month or statement cycle if those transfers or withdrawals are done using the following methods; Belle transfers, belco@net transfers, transfers from savings to checking with a Belco phone representative, Overdraft Protection transfers (S1 to S4), automated share transfers (often ran upon receipt of direct deposit or shortly thereafter), preauthorized ACH withdrawals directly from savings (S1), Bill Payer withdrawals directly from savings (S1) or any transaction to a third party.
Do I have any other options for Overdraft Protection?
You can apply for a Line of Credit (L6), which allows you unlimited Overdraft Protection transfers up to your approved credit limit. You can access your line of credit 24/7 using our electronic services. Apply online or at any branch.