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Why was I charged an NSF fee when I had sufficient funds in my overdraft savings account to cover the withdrawal?
Regulation D requires the Credit Union to limit the number of automatic transfers from our non-transactional accounts. You may have exceeded the maximum of six (6) authorized withdrawals per month. See the explanation below.
What is Regulation D?
Regulation D is a federal regulation that defines the types and number of transactions that can be performed on non-transactional accounts. As an example, checking (share draft) accounts are considered transactional accounts. While savings and money market accounts are non-transactional. The following are transfer limitations on accounts defined as non-transactional.
On Savings and Money Market Accounts, you may make up to ...
Six (6) preauthorized, automatic transfers, by phone, or home banking transfers to another account of yours or to a third party during any calendar month. Of these six, you may not make more than three (3) transfers to a third party by check. A preauthorized transfer includes any arrangement with us to pay a third party from the member’s account upon oral or written orders, including orders received through the automated clearing house (ACH).
There is no limit on the number of transactions you may make in the following manner...
- Transfer to any loan account with us.
- Transfers to another Credit Union account or withdrawals (checks made to you) when such transfers or withdrawals are initiated in person, by mail, or at an ATM.
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