Regulation D: Savings Account Transaction Limitations

Effective July 2, 2009, the Federal Reserve has revised Regulation D making the savings account withdrawals / transfers limitations easier to understand.

Reg D currently limits the number of “convenient” transfers and withdrawals from savings to not more than six per month. Within this overall limit of six, not more than three transfers or withdrawals may be made by check, (POS) transactions, debit card, bill payment, overdraft protection transfers or telephone transfers. It is the sublimit of three “convenient” transfers and withdrawals that will be eliminated.

The new changes allow customers to make a total of six withdrawals which can include checks, (POS) transactions, debit card, bill payment, online banking transfer, overdraft protection transfer, telephone transfers by phone, fax or email, automatic transfer to bank or 3rd party,
The Non-Limited transactions include deposits, ATM cash withdrawals and transfers, withdrawals made in person or mail, transfers made in person, automatic transfers to loan payment.

Federal regulations require banks to limit the number of withdrawals from a savings or money market deposit account. Withdrawals in excess of these limits may result in a fee or account closure.

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Lake Community Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31st, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.

Lake Community Bank
1964 W. Wayzata Blvd.
Long Lake, MN 55356

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Introducing our new Business and Personal Visa® Credit Cards that reward you just for using them!  Let us help you select the card that’s right for you.

Consumer Cards
Lake Community Bank now offers a Visa® Credit Card that gives YOU all the latest benefits.  Airline miles, travel assistance, 24 hour card-member services or earn points that may also be used for merchandise, gift certificates and much more.  Apply on-line or stop in to the bank.

Business Cards
Lake Community Bank’s new Visa® Business Credit Card is available right now.  Earn points for your travel with no black out dates.  Our new Visa Card also allows you to redeem your points for merchandise, gift certificates or cash.  Apply on-line or stop in today.

For more information, click here.

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Online Bill Payment and Online Banking at Lake Community Bank

Here's How to Get Started:

• Sign up for Online Banking during your next visit to the bank or on our website: www.lcbankmn.com and click on the “First Time User” button in the upper right hand corner.
• For BillPay-e Plus, complete an authorization form. Call or stop by and see our customer service staff. They are waiting to help you.

Online Banking Benefits:

• Online Bill-Payment
• Account Status
• Balance Inquiry
• Account History
• Statement Printing
• View Images of checks and deposit tickets online
• Stop Payments
• Funds Transfers within Your Lake Community Bank Accounts

Need more information? Call us at 952-473-7347 or 763-497-0402.