We are writing to inform you of important changes affecting your account(s) with Generations Bank.
Regarding your checking account, an interim final rule has amended Regulation CC, the rule that put the Expedited Funds Availability Act in place. This act affects the availability of funds and holds placed on checks after deposit. Federal regulations have been amended in the following ways:
- The minimum amount of funds the Bank must provide to the customer when placing a deposit on hold will increase from $200 to $225. This applies to Case-by-Case holds and Large Deposit Exception holds.
- The minimum amount of next-day funds the Bank must provide to the customer when placing a deposit on hold will increase from $5000 to $5525. This applies to Case-by-Case holds and Large Deposit Exception holds.
- No changes are being made to New Account holds. The full amount of the deposit will still be held for (9) days.
Regarding your savings or money market account. An interim final rule has amended Regulation D, the rule that restricts the number of transfers or withdrawals from a savings or money market account.
Prior to this change, Federal regulations limited the number of transfers or withdrawals from a savings or money market account to six (6) within each statement cycle. Effective immediately, this restriction has been suspended, allowing you to make an unlimited number of convenient transfers and withdrawals. Standard transfer and withdrawal fees apply.
This change is intended to provide customers with more convenient access to their funds. The change is temporary, and the restrictions are expected to return at a later date. We will update you when that occurs.
If you have any questions, please call our Customer Contact Center toll-free at 1-844-661-0056. Thank you for banking with Generations Bank. For more information on additional products and services, visit mygenerations.bank.
Generations Bank Team