Under
the Federal Reserve Bank’s Regulation D, no more than a total
of six transfers or preauthorized withdrawals are allowed
per month from your Share Savings account.
Transactions
from Share Savings Accounts
Limited
to Six per Month - Total
Not
Included
Telephone
Transfers from Share Savings (except to loans)
Share Savings
to Loan transfers
Toby 24
Voice Response System Transfers from Share Savings
(except to loans)
Share
Savings to VISA Transfers
Preauthorized
Withdrawals from Share Savings (either electronically or
by written permission)
Transfers
performed at an ATM
Checks
payable to a third party from Share Savings (either preauthorized
or requested by phone - limited to 3 per month)
Transfers
in person at a teller window
Overdrafts
Transfers from Share Savings Account
Online
Banking Transfers from Shares Savings (except to loans)
Note that this
applies to the Share Savings accounts only. During the first
half of 2003, the Credit Union will be monitoring all Share
Savings accounts for transactions that exceed the limits. You
will be notified if you have tried to exceed your limit and
that the transaction you requested could not be completed due
to the Regulation D. If you make repeated attempts to exceed
the limit, your account may be considered for closure.
What
can you do to ensure you do not exceed the limit?
1. Have all
pre-authorized withdrawals (insurance, utilities, etc.)
withdrawn from your Share Draft Checking account.
2.
Keep sufficient funds in your Share Draft Checking account
to cover your
checks and withdrawals, so you don’t have to transfer
as frequently.
3. If you
do have to transfer, perform your transaction at an ATM
or teller window. (Reminder, transfers done at an ATM may
take
as long as two business days to post to your account.)
4.
Have your Direct Deposit initially deposited into your checking
account
instead of your savings
account. Transfers from the checking account are not included
under the limits.
As of July 1,
2003, no notification will be given when the limit is exceeded,
and the transaction will not be completed. Remember that this
Regulation affects monies leaving the Share Savings account,
and does not include transfers or withdrawals initiated from
the Share Draft checking account.
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