You are allowed a total of six transfer withdrawals per month on your Share and Savings Accounts as provided for in your Truth-In-Savings disclosure that was provided to you at account opening. Any transfer withdrawals beyond the six allowed will be denied beginning March 1, 2017.
Account Limitations Explanation
For Share and Savings Accounts, you may make up to six (6) preauthorized, automatic, telephonic, or home-banking transfers to another account of yours or to a third party during any calendar month. A preauthorized transfer includes any arrangement with the Credit Union to pay a third party from the member’s account upon oral or written orders, including written orders received through the automated clearing house (ACH).
- Pre-authorized, automatic, scheduled or recurring transfers from your Share and Savings Account
- Transfers from your Share and Savings Account made using Balance Plus Telephone Banking
- Overdraft transfers from your Share and Savings Account
- Phone transfers from your Share and Savings Account made by a Member Service Representative on your behalf
- Online banking transfers from your Share and Savings Account
- Transfers from your Share and Savings Account requested by email or fax
- Checks from your Share and Savings Account payable to a third party
After the six allowable transactions have been reached for the month, you must then complete any further withdrawals or transfers in person, by mail, or at an ATM. Any transactions beyond the six will be denied.
There is no limit to the number of transactions you make in the following manner:
- Automatic transfers from your Share and Savings Account as a payment on any Service First loan
- Transfers or withdrawals from your Share and Savings Account made by mail, ATM, night-drop, or in person
- Withdrawals from your Share and Savings Account made by phone and completed by mailing a check to you
How might this affect my account?
If frequent withdrawals are made from any of your Share and Savings Accounts to cover overdrafts from your Checking Account, withdrawal limits could possibly result in denied debit card transactions on your account. Automatic transfers from Share and Savings Accounts to cover Checking Account overdrafts will be included in the six withdrawals permitted. Therefore, external withdrawals or checks that attempt to draw from Share and Savings Accounts when there are insufficient funds in Checking Accounts – beyond the six permitted each month – will be denied, unless other forms of overdraft protection are set up on the account. If a transfer request would exceed the transfer limitations in any statement period, the Credit Union may refuse or reverse the transfer, and your account will be subject to suspension or closure by the Credit Union and the Credit Union may impose a charge.
If you have any questions regarding this regulation, please contact our Main Branch office at 605-336-1047.