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Federal
Regulation D
Due to all of the new electronic programs we are currently offering,
you need to be aware that Regulation D restricts the number of transactions
members are allowed to make on their share accounts. Federal Regulation
D limits the number of transfers, withdrawals and third party payments
that can be made from a regular share account. The regulation limits
the number of items it defines as 'electronic' to 6 per month. No
more than 3 of the 6 transfers may be made by check, draft, debit
card, if applicable, or similar order to a third party.
The following types of withdrawals are considered 'electronic':
ACH debits from savings
HFS transfers/withdrawals from savings (Internet Banking)
PAL transfers/withdrawals from savings (Interactive Voice Response)
Transfers/withdrawals done via phone with a teller
Overdraft transfers from savings to cover ACH, ATM, checks, and P
S Easy Pay items
ATM point-of-sale transactions from the savings account
Items that are exempt from Regulation D limits are as follows:
Transfers/withdrawals done in person at one of our branch locations
from savings
ATM cash withdrawals from savings
ATM transfer requests from savings
Any electronic items that are received each month after you have exceeded
your 6 will be rejected or returned for Insufficient Funds. The best
way to avoid any limitation problems with your share accounts is to
deposit your funds into your checking account and use this account
for all of your electronic transactions. If you have any questions
or would like a copy of this Federal Regulation, give us a call at:
(440) 843-8300. |
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