3 Bank Laws You Need To Know

My Mint has three important banking regulations every banking customer should know about.

1. Federal Regulation D
Online savings accounts limited to 6 transfers/month. Something to remember with those otherwise glorious, high-yield online savings account.

2. Check 21, “Check Clearing for the 21st Century Act”
Multifaceted. Basically digital checks are just as good as paper checks, and there’s good things and bad things about that. For instance, checks will clear faster, but you won’t be able to get the physical version of your check back.

3. Electronic Funds Transfer Act
Each party’s rights and responsibilities during ATM and point of sale transactions, like how you’re only liable for the first $50 if your ATM/Debit Card is lost AND you report it within 2 days.

Hit the link for a more in-depth look. — BEN POPKEN

The Three Banking Regulations/Laws That You Should Know (just a little bit more about) [My Mint]
(Photo: Maulleigh)

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