Important Information About Your Savings and Money Market Accounts

Federal Regulation D places a limit on certain types of transfers from your deposit accounts (savings and money market) to no more than six per month without your physical presence being required. Regulation D affects all financial institutions.

Transactions affected by Regulation D

• Transfers made using Online Banking
• Transfers made using an Automated Telephone Teller (GABBY)
• Overdraft transfers (made automatically to cover insufficient funds in other accounts)
• Transfers made by a Member Service Representative on your behalf (via telephone, email, etc)
• Pre-authorized*, automatic, scheduled or recurring transfers

*A “preauthorized transfer” includes any arrangement by us to pay a third party from your account upon written or oral instruction (including an order received through an automated clearing house (ACH)) or any arrangement by us to pay a third party from your account at a predetermined time or on a fixed schedule.

Effective October 1, 2009

• You are allowed six such transactions per deposit account per month.
• Any such transactions beyond those six will not occur.
• If an account used for Overdraft Protection has reached its Regulation D limit, overdraft transfers will not occur. This will result in the assessment of Overdraft Privilege fees and/or NSF fees.

Transactions not affected by Regulation D

• ATM transactions
• Transactions done in person at a branch
• Transactions sent in by mail or Night Drop
• LANCO Bill Pay (which uses funds from your checking account)
• Transactions made by telephone instruction that result in a check being mailed to the member

Tips for Managing Transactions Under Regulation D

1. Open a checking account at LANCO and make payments via this account.
2. If your payroll is directly deposited into your savings account, payroll deductions count toward the six transfer limit. Contact your employer to have your direct deposit go into your checking account.
3. Do not authorize anyone to make an ACH withdrawal from your savings account; instead, set up the withdrawal from your checking account which has unlimited ACH withdrawals.
4. Balance your checking account periodically. This will help you to limit the number of overdraft transfers from your savings account.
5. Contact LANCO to discuss additional overdraft protection options.
6. Plan ahead to do one of the following: 1) Stop by a branch, or 2) Mail us your request to make transfers.
7. Plan ahead to make one large transfer instead of several small transfers. Each regulated transfer counts as one transaction, no matter what the size.