Regulations
FEDERAL REGULATION “E” – Updated 7/10/07
Did you know that if you do more than 6 transactions by electronic means per month from your savings account, you are in violation of federal Regulation D?
Please review the transactions you do from your savings account. All financial institutions are required by federal law to limit the number of transactions done from savings accounts through online banking, audio response, pre-authorized debits, or overdraft transfers. This does not include ATM transactions, any transactions done in person, or those done from other accounts such as checking.
Please be advised that starting October 15, 2007, IRCO must comply with this regulation. Transactions of this kind that exceed 6 in a month will automatically be rejected and applicable fees will apply.
The Internet Gambling Enforcement Act of 2006 (Reg. G G), Prohibiting Commercial Members from receiving deposits or other credits relating to an Operation of an Illegal Gambling Business (updated 8/27/2021)
IRCO Community Federal Credit Union is required to comply with the provisions of the Unlawful Internet Gambling Enforcement Act (UIGEA) and Regulation GG. This notification is to inform our Members that restricted transactions, as defined under the UIGEA, are prohibited from being processed through your account or relationship with us. Restricted transactions include transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with Unlawful Internet Gambling. By maintaining an IRCO Community Federal Credit Union account, you agree not to use your account, access device, or any services made available to you for Unlawful Internet Gambling or other illegal activities. We may terminate your account relationship if you engage in unlawful Internet gambling or other illegal activities
Under the Federal rules, IRCO Community Federal Credit Union must have policies and procedures in place to block transactions that finance internet gambling by credit and debit cards. IRCO Community Federal Credit Union must screen commercial members at the time of an account opening to establish the level of risk that the new account holders might be for participating in restricted activities. When IRCO receives a report from law enforcement or regulatory agency that an account is processing restricted transactions, we must first determine whether the transactions are legal or illegal, and if illegal, take appropriate actions (such as closing the account or restricting access to certain payment systems, for example). Federal Credit Unions are required to notify their commercial members that Illegal Internet Gambling transactions are prohibited and cannot be processed through the credit union.
