Transaction Limits |
When it comes to transactions, all accounts are not created equal. There are "transaction accounts," such as share draft checking accounts, that offer unlimited transactions in virtually any form. Then there are "non-transaction accounts" that are intended to foster fewer transactions. Federal law limits the transactions that can be made on share savings and money market accounts, which fall into this category.
What are the limits?
Federal Regulation D states that you may make no more than six (6) automatic or preauthorized transfers from your share savings or money market account per calendar month or statement cycle. (The monthly limit is based on when the transaction is processed, not when the check or item was written or authorized.) If you make a combination of checks/drafts and automatic or preauthorized withdrawals, the total limit is still six.
| Transaction Limits by Month |
Checking |
Savings |
Money Market |
| Deposits |
| In Person |
unlimited |
unlimited |
unlimited |
| By Transfer (i.e., direct deposit of payroll or Social Security) |
unlimited |
unlimited |
unlimited |
| By Mail |
unlimited |
unlimited |
unlimited |
| Transfers Between Accounts at the USSFCU |
| In Person (or by messenger) |
unlimited |
unlimited |
unlimited |
| At an ATM |
unlimited |
unlimited |
unlimited |
| By Mail |
unlimited |
unlimited |
unlimited |
| Pre-Authorized or Automatic Withdrawals |
unlimited |
six |
six |
| By Pre-Authorized Transfer to pay a USSFCU Loan (incl. Visa, Mortgage, or Credit Union fees) |
unlimited |
unlimited |
unlimited |
| Through the Internet (CU AnyHour) |
unlimited |
six |
six |
| By Automated Phone System (TeleAction) |
unlimited |
six |
six |
| By Phone Contact to a Telephone Representative |
unlimited |
six |
six |
| Transfers to Third Parties |
| By Check or Share Draft |
unlimited |
n/a |
six |
| By Debit Card/Check Card |
unlimited |
six |
six |
| By Automated Phone System (TeleAction) |
unlimited |
six |
six |
| By Phone Contact to a Telephone Representative |
unlimited |
six |
six |
| By Pre-Authorized Transfer (ACH) or Automatic Transfer |
unlimited |
six |
n/a |
| Using Web Bill Pay |
unlimited |
six |
six |
| By Fax |
unlimited |
six |
six |
| Withdrawals |
| In Person |
unlimited |
unlimited |
unlimited |
| At an ATM |
unlimited |
unlimited |
unlimited |
| Through the Internet (CU AnyHour) with the check or share draft made payable to the member and mailed to his or her address. |
unlimited |
unlimited |
unlimited |
| By fax with the check or share draft made payable to the member and mailed to his/her address. |
unlimited |
unlimited |
unlimited |
| By telephone with the check or share draft made payable to the member and mailed to his/her address |
unlimited |
unlimited |
unlimited |
| |
 |
|
|
*The Credit Union may require a member to give at least 7 days' notice before funds can be withdrawn - transaction restrictions as imposed by Regulation D. |
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