Federal regulations require credit unions, as well as banks, to limit the way withdrawals may be made from a savings/money market account. Withdrawals in excess of these limits may result in a fee or account closure. Regulation D, limits you to make no more than six (6) withdrawals or transfers from each savings and money market account during a calendar month. Your checking account is excluded from this regulation.
Savings/Money Market Accounts: During any month, you may not make more than six withdrawals or transfers to another account of yours or to a third party. These transactions include withdrawals or transfers to another account of yours, online banking transfers, overdraft protection transfers, transfers done over the phone with our Member Service representatives, and ACH withdrawals.
To help you understand these Reg. D savings account transaction limitations, and to avoid excess activity charges, please review the following information:
In order to ensure that no more than the permitted numbers of withdrawals or transfers are made, the Regulation requires that depository institutions take steps to prevent excessive transactions.
Excessive Transactions: Withdrawals or transfers by mail, in person at one of our branches, and through an ATM are unlimited and are not subject to the Regulation D 6-transfer withdrawal limitation. Transfers/withdrawals in excess of the 6-transfer/withdrawal limitations as described above may be subject to an excessive transaction fee.
Effective January 1, 2012, if you exceed these six transfer limitations during a month, the ACH will be returned unpaid and you will receive an Insufficient Fund/Returned item fee even if the funds are available.
For members who continue to violate those limits after they have been contacted by the Credit Union, the Regulation requires that either the account be closed or that the funds be transferred to a transaction account that the depositor is eligible to maintain.