My friend has been asking around and nobody really seems to know. Even my banker says he'll have to get back to me later. I know what it is (all too many times I had to spot him), but we're wondering if he'll ever get back to using his card as much as he wants safely.
also, does it apply if he switches banks?
2006-09-26 11:12:00 · 3 answers · asked by The lit hexagon 2 in Business & Finance ➔ Credit
Yes, i'm sure it's regulation limit D. apparently he can't use his debit card more than 6 times, and limited to using his checks only three times (as part of the 6) per statement cycle. he's free to make withdrawals from ATM machines all he wants though.
2006-09-26 18:10:50 · update #1
Some Credit Unions and few banks do not have basic account and are considered money market accounts. Money Markets are limited to those restriction you mentioned even with a debit card.
Before switching. I would have him go into the bank and ask to switch to an account that can be used more frequency with a debit card and checks. If there is not another account or they refused. Then switch banks. Make sure he takes he debit card with him to the bank. They will needed it if he closes or changes the account.
Some banks with those restrictions will let you use debit cards as signature transaction after 6 atm or 6 pin point of sale transactions. A fee maybe charged
2006-09-27 00:59:50 · answer #1 · answered by webworm90 4 · 0⤊ 0⤋
Are you certain you mean Regulation D. Regulation D of the Federal Reserve deals with 'Reserve Requirements of Depositary Institutions'. The only other Regulation D I could find is 'Regulation D -- Rules Governing the Limited Offer and Sale of Securities Under the Securities Act of 1933'.
Neither of these apply to an individuals bank account.
2006-09-26 21:10:23 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
aks your bank for better deal
2006-10-03 11:45:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋