Regulation D - Are you ready?
Important Notice - Debit Card Regulation D
The Board of Directors have been working through this regulation and have decided that starting in April of 2017 there will be a new fee of $1.00 per each transaction over the 6 transaction limit on all accounts other than Draft (checking) Accounts. Last quarter we shared with you about Regulation D, and many of you have already made the change to have your debit card transactions go through a checking account. If you need to open a checking account there is no cost to you and it can be set up in minutes. You are not required to order checks, but if you want some checks, we do offer competitive prices in our checking program.
For transactions on accounts other than a draft account that ARE subject to Reg D Limitations:
- Transfers/Withdrawals from an account using Home/Internet Banking
- Overdraft Transfers (made automatically or manually to cover nonsufficient funds in other accounts)
- Transfers/Withdrawals from an account requested via telephone, email, or fax
- Pre-authorized, automatic, scheduled, or recurring transfers/withdrawals from an account (ACH, Bill Pay, etc.)
The following are NOT subject to Reg D. limitations:
- Transfers/withdrawals from an account made at an ATM
- Transfers/withdrawals from an account to make a loan payment
- Transfers/withdrawals from an account made in person at our office
- Transfers/withdrawals from an account sent in by mail with an original signature
- Payroll Transfers
Please review your activity and ask us questions on what is in your best interest in setting up your accounts so we are in compliance with the regulation.