Credit Union sends this - Transactions Limitations Policy
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Old 02-17-2013, 04:20 AM   #1
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Default Credit Union sends this - Transactions Limitations Policy

I got this in an email, will contact my credit union on some of this information.

One thing to ask, has anyone else got this or something the same from their bank, credit union, or financial institution?

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Re: Transactions Limitations Policy

A federal law, known as Regulation D, requires that all financial institutions, including your credit union, limit withdrawals from share/savings accounts. This law allows members to conduct up to six withdrawals from a share/savings account per month. Any withdrawals in excess of the six per month allowed, forces the credit union to take action on your account.

"What types of accounts are limited by this law?"
Regular share or savings accounts are subject to this law, as are money market accounts. Your checking account is not limited by this law, and you can make unlimited withdrawals from your checking account.

"Which transactions count toward the six allowed?"
The following combined transactions cannot exceed six per month:
• Checks or drafts made payable to third parties;
Debit card purchases;
• Preauthorized or automatic transfers to a third party (including ACH transfers);
• Transfers initiated through online banking;
• Telephonic transfers (including calls to member service representatives or automated audio response programs);
• Transfers to other accounts at the credit union;
• Transfers to accounts at other financial institutions;
• Faxed requests for transfers;
• Text message requests for transfers

This law does not limit the number of deposits into a share or savings account. Rather, it limits the number of withdrawals from share, savings or money market accounts.

"What about loan payments that come out of my share/savings account?"
If the loan is at the same financial institution as the savings account, payments on the loan will not count toward the six-transaction limit. For example, if your mortgage payment is automatically deducted from your savings account each month, it will not count toward the six-transaction limit if both the mortgage and the savings account are at the same financial institution.

"What happens if I exceed the six-transaction limit?"
Effective March 19, 2013, Credit Union will reject transactions in excess of the six allowed. If an item in excess of six is paid by the Credit Union, a $5.00 fee may be charged to your account.

"How can I conduct my transactions so as to avoid exceeding the limit?"

• Plan your budget and transactions in order to make one or two large withdrawals or transfers to cover your bills per month;
• Consider using your checking account to pay regular bills.
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Old 02-17-2013, 04:27 AM   #2
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Thats a typical policy of most savings accounts. My bank only allows three withdrawals a month.

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Old 02-17-2013, 04:44 AM   #3
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Originally Posted by JonM View Post
Thats a typical policy of most savings accounts. My bank only allows three withdrawals a month.
The one thing that comes to my attention is the Debit Card, that I will contact them on Monday about. My Debit Card is mainly for the checking account. Hopefully they are relating to the saving account only use of withdrawals via debit card; but, Monday will find out.
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Old 02-17-2013, 05:09 AM   #4
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Thats a typical policy of most savings accounts. My bank only allows three withdrawals a month.
My old bank allowed six. The first time, they would give you a warning. The second time, they would just change it into a checking account.

The reason it's a bank policy is because savings accounts often have different interest rates and maintenance fees than checking. This can be used to an unethical advantage (like banks know the first damn thing about ethics...).

I never knew there was anything federal involved.
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Old 02-17-2013, 09:42 AM   #5
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There is reasoning for this.

By limiting the number of account withdrawals, the fed is reducing the possibility of money laundering. My debit card purchases are limited to $400 daily from my checking.

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Old 02-17-2013, 09:49 AM   #6
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Used to have a Money Market checking acct for daughter. Made decent interest- part of the rules were 3 checks per month- MAX. Need more? Then you have wrong acct.

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Old 02-17-2013, 09:55 AM   #7
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That's standard at my bank, too. The way it was explained to me is if you want to make frequent withdrawals you should use checking. Of course there is no limit on the number of deposits you can make. They don't mind taking your money. They just hate to give it back.

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Old 02-17-2013, 10:54 AM   #8
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Its a federal law and its due to reserve holdings and modern technology. Banks and credit unions must have X capital on hand in order to loan Y dollars. With savings accounts they can loan 100% of what they have on hand but with checking accounts they have to have a reserve because they are more fluid. With online banking a savings account lost many of its limitations so the government is artificially making limits in order to keep savings accounts as more stable and slow changing products than their checking account counterparts.

Although rates are low banks can offer more interest on savings than checking accounts because given an equal amount of money in each they can loan more from a savings account making it more valuable to them.

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Old 02-17-2013, 01:59 PM   #9
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As for debit card business its only when you link your card to your savings. I dont have mine linked since there is no point to quick access of those funds. Its only for withdraws using the card machines and your savings account

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Old 02-18-2013, 02:47 AM   #10
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Quote:
Originally Posted by JonM View Post
As for debit card business its only when you link your card to your savings. I dont have mine linked since there is no point to quick access of those funds. Its only for withdraws using the card machines and your savings account
Thanks all for the comments. I will contact the credit union after President's Day.
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