******* ATTENTION *******
New Regulation "D" Fees |
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American Southwest Credit Union must comply fully with the Federal Reserve’s Regulation “D” which limits the number of transactions made from a share (savings) or money market account each month. The limit is no more than 6 transactions. After the 6th transaction, the savings or money market account may be blocked or, at minimum, a per transaction fee will be charged for each additional transaction for the remainder of the month. At the beginning of the next month, up to 6 transactions are again permissible.
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REGULATION “D” DOES NOT AFFECT CHECKING ACCOUNTS. TRANSACTIONS ARE UNLIMITED. |
Other transactions not affected by Reg D:
- Transfers or withdrawals made in person at any branch location
- Transfer payments from savings or a money market account to an ASCU loan
- Transfers or withdrawal requests made in writing and sent by mail per ASCU policy
- ATM Withdrawals
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| Transactions Affected by Reg D: |
| ACH Debits |
Preauthorized payments from a share account to pay a third-party item, i.e. mortgage, insurance payments, etc. |
When 6 Reg D transactions have been reached in a given month, subsequent ACH Debits may be paid and charged a Reg D transaction fee.* |
| Telephone, Email, Internet Banking, Fax |
Transfers or withdrawals made to another account through any of these services. |
When you have reached a total of 6 Reg D transactions for the month, any additional Reg D requests may be honored and charged a Reg D transaction fee.* |
| Telephone, Email, Fax |
Transfers or withdrawals (checks) to a third-party made through any of these services. |
When you have reached a total of 6 Reg D transactions for the month, any additional Reg D requests may be honored and charged a Reg D transaction fee.* |
| Overdraft Protection |
Overdraft transfers made from a savings account to a checking account. |
When 6 transactions have been reached in a given month, any additional overdraft transaction may be assessed a Reg D fee.* |
*The Reg D Transaction Fee is $10 per item (Effective December 1, 2009).
Alternatives to avoid the transaction fee:
Example: You have multiple automatic transfers set up in home banking where money is being transferred from a savings account to other savings accounts for your children.
Alternative: Schedule the main transfer from savings to your checking account and then set up multiple transfers to come from your checking account.
Example: Your direct deposit goes to your savings account and you frequently transfer money from that account as needed via phone or home banking.
Alternative: Set up your direct deposit so that most or all of it is directed to your checking account – not your savings account.
Example: You pay bills through a third-party from your savings account.
Alternative: Reschedule your bills to pay from your checking account.
A checking account is the best way to avoid Reg D transactions and potential fees! |
