Federal regulations govern the transactions we can allow members to make from their savings accounts. One regulation (called Regulation D) states that certain withdrawals and/or transfers must not exceed six per month. We do allow withdrawals and transfers beyond the limit, but there is a $10.00 fee for each one beyond the first six. Please read further for information on which types of transactions are affected, which are excepted, and a list of ways for you to avoid the fee.
The types of savings withdrawals and/or transfers that must not exceed six per month are:
The types of savings withdrawals and/or transfers that are not limited:
- Transfers from savings to checking by phone, Telephone Banking,Online Banking, e-mail, fax or automatic transfer.
- Savings to Savings transfers.
- Savings withdrawals to pay a bill or other third party by phone, e-mail, or fax.
- Preauthorized withdrawals from savings to pay a bill or other third party.
- Transfers from savings to another member's account.
Here are some suggestions to help you avoid Regulation D penalties:
- Any transfer from savings to your credit union loan account.
- Any withdrawal checks payable directly to you.
- Any withdrawals or transfers requested in person, requested by mail, or made using an ATM.
- When transferring money from savings to checking, increase the amount so transfers won't be needed as often.
- Add Overdraft Protection (a line of credit) to your checking account.
- Keep more funds in your checking account instead of savings.
- Transfer funds while you're at the ATM.
- Change preauthorized withdrawals so they're taken from checking rather than savings.