Just got this email from my Credit Union. Anybody know what's up with this?
Reminder to all Home Banking Users!
Transfers from Savings (Share) type accounts are limited by Reg D
Transfers from Savings (Share) type accounts are limited by Reg D
What is Regulation D?
Regulation D is a federal regulation that places a monthly limit on the number of transfers you may make from your Savings Accounts or Money Market Accounts (such as Cash Management) when you are not physically present. You are allowed six transfers per month, per account.
Regulation D is a federal regulation that places a monthly limit on the number of transfers you may make from your Savings Accounts or Money Market Accounts (such as Cash Management) when you are not physically present. You are allowed six transfers per month, per account.
Transfers affected by this regulation include:
• Transfers made using Online Banking
• Transfers made using Telephone Banking
• Overdraft transfers (made automatically to cover insufficient funds)
• Transfers made over the phone by a Member Service Representative on your behalf
• Pre-authorized, automatic, scheduled or recurring transfers
• Transfers made using Telephone Banking
• Overdraft transfers (made automatically to cover insufficient funds)
• Transfers made over the phone by a Member Service Representative on your behalf
• Pre-authorized, automatic, scheduled or recurring transfers
Transfers not affected by Regulation D?
• ATM transactions
• Transfers made to XXXXXX loans
• Transactions made in person at any XXXXXX office
• Transactions sent in by mail or deposited into a Credit Union night drop with an original signature
• XXXXXXX Bill Pay (which uses funds from your checking account)
• Transfers made to XXXXXX loans
• Transactions made in person at any XXXXXX office
• Transactions sent in by mail or deposited into a Credit Union night drop with an original signature
• XXXXXXX Bill Pay (which uses funds from your checking account)
An automatic withdrawal you have authorized a merchant to withdraw from your Savings Account or MMA (Cash Management) will count as one of your allowable six transfers for the month.
“ACH” or “EFT” transactions are subject to Regulation D limitations. Any withdrawals attempted beyond your monthly limit will not be allowed, and you will incur an insufficient funds charge.
“ACH” or “EFT” transactions are subject to Regulation D limitations. Any withdrawals attempted beyond your monthly limit will not be allowed, and you will incur an insufficient funds charge.
To avoid this situation, make automatic payments using a checking account. Contact the merchant to arrange this change, and be aware that your request could take more than a month to go into effect. Alternatively, consider using FTWCCU’s Bill Pay & Presentment to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.
Tip
Set up an Access Line of Credit as a backup to prevent transfer limitations and insufficient fund fees. Logon to xxxxxxxx to find out more information and to apply. Also, CLICK Here to complete an “overdraft authorization form” that provides specific instructions on how to “cover” any insufficient fund occurrences you may have.
Set up an Access Line of Credit as a backup to prevent transfer limitations and insufficient fund fees. Logon to xxxxxxxx to find out more information and to apply. Also, CLICK Here to complete an “overdraft authorization form” that provides specific instructions on how to “cover” any insufficient fund occurrences you may have.
Long answer: Google or Bing: Bankersonline Reg D . Short answer, the Money Market is a savings acct that acts like a checking account so you are limited in how many withdrawals you can make that are not in front of a teller to prevent you from using the savings/money market as a checking account. Banks/CU have to maintain funds based on money held in checking accounts but not savings accounts so this is the reason.
ReplyDeleteHope that helps!
Most likely opened a can of worms though.
Steve
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