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.
What Accounts have limitations?
The following savings accounts offered at Belco Community Credit Union have transaction limitations: Regular 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 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, automated share transfers (often ran upon receipt of direct deposit or shortly thereafter), preauthorized ACH withdrawals directly from Regular Savings (S1), Bill Payer withdrawals directly from Regular Savings (S1) or any transaction to a third party.
What if I have free Overdraft Protection set up from my savings account?
Only three of the six transfers allowed each calendar month or statement cycle can be used for the automated process of overdraft protection to cover the following transactions in a checking account: checks cleared, preauthorized withdrawals, debit card transactions or similar transactions payable to third parties (i.e. Bill Payer).
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