|
Savings Account Withdrawal Regulations
In accordance with federal banking regulations, the Credit Union is responsible for insuring our members comply with the Federal Reserve Bank’s Regulation D. Stated briefly, this regulation limits the number of certain types of withdrawals to prevent consumers from using savings accounts as checking accounts.
|
Checking Accounts
|
Each Savings Account
|
|
Unlimited deposits
|
Unlimited deposits
|
|
Unlimited withdrawals
Regardless of the manner they are transacted
|
Unlimited withdrawals made by:
· Visiting a RTN FCU or CU Service Center location in person
· Visiting an RTN FCU or RTN affiliated ATM machine
· Automated payment to RTN loans
· Telephone or facsimile request for a check mailed to home address
|
Withdrawals limited to six per month via any combination of the following:
· Online banking transfers
· Telephone (CU-Tel) banking system transfers
· Telephone or facsimile transfer request
· Automated transfer to other RTN FCU accounts
· Automated payment/withdrawal to non-RTN FCU entities
· Check (Money market account only; may be maximum three of the six allowable transactions)
|
If you have direct deposits or automated withdrawal payments transacted through your Main Share account, you should consider directing this activity to your checking account to insure you have sufficient funds to meet withdrawals and/or eliminating a potential problem with excess transactions through the Main Share account. Click here for the forms to change your direct depost and/or automatic payment/withdrawal allocations so that you comply with these regulations.
Note:
If your account reaches the allowable six transactions per month, excess transactions will be denied or returned in accordance with the Federal Reserve Bank's Regulation D. |
|
