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Are You Conducting Excessive Transactions On Your Accounts?

Regulation D limits the number of certain types of transactions that can be performed on non-transaction accounts during a calendar month. Non-transaction accounts are any accounts that are not checking accounts. This limitation is disclosed in the Truth and Savings brochure that was provided to you at time of account opening,

Transactions limited to 6 per calendar month:
Transfers and withdrawals, that include preauthorized transfers; automatic transfers (including transfers from a savings deposit for overdraft protection or for direct bill payments); transfers and withdrawals initiated by telephone, facsimile, or computer; and transfers made by check, debit card, or other similar order made by the depositor and payable to third parties.

Unlimited transactions:
Transfers and withdrawals made in person at the bank, by mail, or by using an ATM, or a withdrawal request initiated by telephone when the withdrawal is disbursed via check and mailed to the depositor.

If there are more than the allowed 6 transactions being performed on a non-transaction account(s) where you are an owner or joint owner,  there are options available to you. If you have one or more electronic deposits being deposited into a non-transaction account, you may arrange to have them go into a checking account instead and then perform your transactions from there. You may transfer the deposit(s) in a lump sum once it reaches the credit union to a checking account and then perform your transaction from there. You can close your non-transaction account and open a checking account for these transactions.

If you continue to exceed the limitation dictated by Reg D, you may receive a series of reminders from us to comply. At some point we may put in place a fee for those transactions over the limit of 6 or close your account and open a checking account for you to use to perform these transactions. You will be notified ahead of time if we take such action.