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Reminder:
Limits on Certain Savings Account Transactions Went into Effect January 1st                              

This is just a reminder that full implementation of Regulation D went into effect on January 1st. (Notification of this implementation was included in our fall newsletter.)   

Regulation D is a federal requirement mandated by the government for all financial institutions including ABCO Federal Credit Union. Its purpose is to ensure that financial institutions maintain adequate reserves for funds held on deposit.  Regulation D impacts the number of transfers and withdrawals allowed from Club Savings, Money Market Savings & IRA Accounts. Certain transactions on these accounts include:

  • Voice Banking transfers/withdrawals
  • Mobile & Online Banking transfers/withdrawals
  • Overdraft Protection transfers
  • Transfers/withdrawals done over the phone
  • ACH (Automated Clearing House) or direct debit withdrawals. 

After the 6th transaction, further transactions may be returned, reversed, refused or assessed a fee.  Note: This  Regulation does not affect Primary and Secondary Savings Accounts.  For further details, please visit goabco.org/regd or contact member care.                                          

Questions? Contact Member Care at 1.800.225.1859

 

 

 

 


                               
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