Non-transaction accounts include savings accounts, money market accounts, and certificate of deposit accounts and are limited to the number of withdrawals and transfers allowed. Transaction accounts such as checking accounts offer unlimited transactions in any form.
Federal Regulation D defines the number and types of withdrawals and transfers that can be transacted on a Non-transaction account during a calendar month to allow the account to retain its savings deposit status. Federal Regulation D is a Directive of the Government, not of your credit union.
The following types of transactions are limited to six per month from non-transaction accounts (noted above).
Transfers between CFCU accounts
· Pre-authorized Auto-transfers including overdraft protection.
· Home Banking Transfers (including a request through secure messaging)
· Phone transfers –automated phone line
· Phone transfers –speaking to a CFCU representative
· Faxed Transfers – submitting a faxed request
Transfers/Withdrawals to Third Parties
· Pre-authorized Automatic Clearing House (ACH) debits
· Home Banking Transfers (including a request through secure messaging)
· Phone transfers –automated phone line of CFCU or third party
· Phone transfers –speaking to a CFCU representative or a third party representative
· Faxed Transfers – submitting a faxed request to CFCU
The following types of transactions are unlimited from non-transaction accounts (noted above).
Transfers between CFCU accounts
· In person (or by messenger)
· At an ATM
· By Mail with an original signature
· Pre-authorized Transfer to pay a CFCU loan, Visa or Mortgage or credit union fees
Withdrawals
· Home Banking Withdrawals (including a request through secure messaging)- requesting a check mailed to depositor
· Phone Withdrawals - speaking to a CFCU representative and requesting a check mailed to depositor
· Phone Withdrawals – CFCU automated phone line and requesting a check mailed to depositor
· Faxed Withdrawal – request made by fax to mail a check to depositor