Effective October 1, 2011 Members 1st Credit Union will implement Federal Reserve Board Regulation D that limits the number of preauthorized or electronic withdrawals and transfers from your share accounts, including club and sub accounts, to six (6) per month. THIS REGULATION DOES NOT APPLY TO YOUR CHECKING ACCOUNT. Any withdrawals or transfers in excess of the six (6) per month allowed will result in any further transfers to be made in person or by phone with a member service representative.
What types of transactions are limited by this law? Regular share or savings accounts (including club and sub accounts) are subject to this law. Your checking account is not limited by this law, and you can make unlimited
withdrawals from your checking account.
What transactions count toward the six allowed?
Any preauthorized or electronic withdrawal or transfer from a share account, including club and sub accounts, not made in person or at an ATM is counted toward the
maximum of six (6) per month. This would include the following (if not made in person):
Overdraft transfers to checking accounts for share draft, debit card, or ACH transactions
Preauthorized or automatic transfers to a third party including ACH withdrawals
Transfers initiated through online banking or through audio response
Wire transfers to accounts at other financial institutions
What types of withdrawals or transfers are not limited by the law?
Withdrawals or transfers made in person at the credit union or at an ATM
Mail or telephone requests for withdrawals if the check is made payable to you
Payments to a loan account held at the credit union
How can I conduct my transactions so as to avoid exceeding the limitations?
Budget to make one or two withdrawals or transfers to cover your bills per month
Consider using your checking account to pay your bills
Choose transactions that are not limited by the law (ATM withdrawals or in person withdrawals)
Need help restructuring your accounts? Want to open a VISA Overdraft Line of Credit or Checking Account?