As with most financial institutions, MountainCrest Credit Union will be limiting transfers and withdrawals from members’ savings accounts. Federal Regulation D places a monthly limit on the number of transfers you may make from your savings and cash management accounts without your physical presence being required.
The following transactions are affected by Regulation D:
· Transfers made using Online Banking
· Transfers made using Telephone Banking
· *Overdraft transfers (made automatically to cover insufficient funds in other accounts)
· Transfers made by a Member Service Representative on your behalf via telephone
· **Pre-authorized, automatic, scheduled or recurring transfers
You are allowed six transfers per month, per savings account. Effective May 1, 2010 the credit union cannot process a transaction when the number of transfers exceeds the monthly limit. If you have reached your Regulation D limit you may only complete withdrawals and transfers in person, by mail, or at an ATM.
The following transactions are excluded from Regulation D:
· ATM transactions
· Transfers made to MCCU loans
· Transfers done in person at a branch (including shared branches)
· Transactions sent in by mail, or Night Drop with an original signature
*All overdraft transfers from your savings to checking accounts, including VISA debit card overdrafts, will incur a $5.00 overdraft transfer fee, as disclosed in our credit union Membership and Account Agreement. The order in which we process checks, drafts, VISA debit card and ACH items may affect the total amount of overdraft fees that may be charged to your account.
**If you have a checking account and currently have pre-authorized (ACH), automatic, scheduled or recurring transfers from your savings account, you may want to consider changing them to the checking account.
If you have any questions about this regulation, please contact our Member Response Center at
360-435-5400 or 1-877-601-0000.
