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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 comply with Regulation D. As a member with an account at Belco, this regulation pertains to your account(s). Here is what you need to know about the regulation and how it affects your accounts.

Which accounts have limitations?

All savings and money market accounts. (Checking accounts are not affected by Regulation D)

What are the limitations for these accounts?

“Convenient” transfers or withdrawals from these accounts are limited to six (6) during a calendar month or statement cycle. ‘‘Convenient’’ transfers and withdrawals, for purposes of this limit, include preauthorized, automatic transfers (including but not limited to transfers from the savings account for overdraft protection or for direct bill payments) and transfers and withdrawals initiated by telephone, facsimile, or computer, and transfers made by check, debit card, or other similar order made by the depositor and payable to third parties. Other, less-convenient types of transfers, such as withdrawals or transfers made in person at the bank, by mail, or by using an ATM, do not count toward the six-per-month limit and do not affect the account’s status as a savings account. Also, a withdrawal request initiated by telephone does not count toward the transfer limit when the withdrawal is disbursed via check mailed to the depositor.

Do I have any other options for Overdraft Protection?

Yes! We offer a Line of Credit and an Overdraft Privilege service to help protect you from overdraft fees.   Apply online or at any branch.

More information about Regulation D