- Jun 19, 2000
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I was unaware of what the regulation was actually called until I Googled it this morning. For those that are unaware, it regulates how many transactions you can make in a month from your bank account(s). These include transfers between your accounts and ACH debits. There is a little more to it and you can read about it here.
http://en.wikipedia.org/wiki/Regulation_D_(FRB)
I was unaware that it was altered in 2009 in favor of the account holder but I'm wondering if it truly suits the times we live in. How many of us write checks anymore? I know that it's a rarity for me. I have virtually everything set up ACH and much prefer it to writing a check and then relying on the Post Office.
Yes, I am looking at this from a personal perspective but I've got to believe that my situation is not unique. A recent purchase of a second home and the ACH debits associated with it has the very real potential of putting me beyond the limit of debits and/or transfers allowed by law.
AmEx
Mastercard
Car Lease
*Condo Mortgage
*Condo Maintenance Fees
*Condo Water Bill
*Condo Electric Bill
The starred items are new. The utility companies in Florida do not allow me to pay their bills by Credit Card as I am able to for our primary residence in Michigan.
A total of seven now, so one beyond the limit which means I must divide them between the Checking and Saving accounts we have at our local bank. I'm now in a situation where I must put a bit of thought into transferring money between these accounts or I may exceed the number of transaction that are allowed by law.
The point is, is it time to increase this limit? Say to eight or even ten? Surely my situation cannot be unique.
http://en.wikipedia.org/wiki/Regulation_D_(FRB)
I was unaware that it was altered in 2009 in favor of the account holder but I'm wondering if it truly suits the times we live in. How many of us write checks anymore? I know that it's a rarity for me. I have virtually everything set up ACH and much prefer it to writing a check and then relying on the Post Office.
Yes, I am looking at this from a personal perspective but I've got to believe that my situation is not unique. A recent purchase of a second home and the ACH debits associated with it has the very real potential of putting me beyond the limit of debits and/or transfers allowed by law.
AmEx
Mastercard
Car Lease
*Condo Mortgage
*Condo Maintenance Fees
*Condo Water Bill
*Condo Electric Bill
The starred items are new. The utility companies in Florida do not allow me to pay their bills by Credit Card as I am able to for our primary residence in Michigan.
A total of seven now, so one beyond the limit which means I must divide them between the Checking and Saving accounts we have at our local bank. I'm now in a situation where I must put a bit of thought into transferring money between these accounts or I may exceed the number of transaction that are allowed by law.
The point is, is it time to increase this limit? Say to eight or even ten? Surely my situation cannot be unique.
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