Federal Government Regulation D
Federal regulations place a limit on the number of transfers or withdrawals you can make from savings accounts and Money Market accounts. You may make up to six (6) preauthorized, automatic, telephonic, or Online Banking transfers to another personal account or to a third party during any calendar month. All financial institutions are required to comply with this regulation.
This regulation only affects your savings and other deposit accounts; checking account transactions are not limited by Regulation D.
FAQ
What happens if I overdraft my checking account? Will funds transfer from savings?
If you have a draft path set up, then yes; Jordan Credit Union can make up to 6 transfers from your savings account into your checking account to cover debit transactions or checks. Once you have reached the limit of 6, the overdrafts will be taken from your overdraft line of credit or Courtesy Pay. If you do not have an overdraft line of credit or Courtesy Pay, any transaction after the limit of 6 will be denied or returned and a non-sufficient funds fee will be charged. If you would like to ensure you have a draft path set up, or you do not have an overdraft line of credit or Courtesy Pay, call 801-566-4195 to speak to a member support representative.
Which of my credit union accounts are affected by the savings transfer limits?
Any share account is considered a savings account. If you have set up multiple savings accounts within your account, each one of them will have a 6 transfer limit. Checking accounts are considered draft accounts and are not affected.
What if my savings, special or sub-savings, or Money Market account has reached the limit of 6?
Additional withdrawals or transfers can be made in person at a branch or shared branch location, at an ATM, or by mail.
Does this limit apply to recurring transfers I have set up in Home Banking?
Yes. If you have recurring transfers you set up that come out of your savings account, each transfer will count towards the limit of 6. You can change or cancel these transfers by calling 801-566-4195 and ask to speak to a member support representative.
How can I ensure that i don’t use more than 6 transfers in a month?
- Set automatic ACH withdrawals from merchants to come out of your checking account instead of your savings account since checking transactions are not subject to the regulation. Or consider using Bill Pay.
- Set up a draft path. This will make sure that overdraft transactions will happen in the order you want. You can tell us that you want the first 6 transactions to come out of your savings before it hits your overdraft line of credit. Transfers from your overdraft line of credit or Courtesy Pay are not regulated.
- Balance your checking account periodically. This will limit the number of overdraft transfers from your savings account.
- Plan ahead and make one larger transfer instead of several small transfers. Each regulated transfer counts as one transaction, no matter what the size.
| Type of Transaction | Does It Count Towards My Limit of 6? |
|---|
| Overdraft transfer from savings to cover checking transaction | Yes |
| Outgoing wire transfer from savings not made in person | Yes |
| Automatic withdrawals (ACH) from savings | Yes |
| Transfer from savings or Money Market into any suffix or account outside of a JCU branch (Online Banking, JCU Mobile, etc.) | Yes |
| Transfer from savings or Money Market with a Call Center Representative | Yes |
| Transfer of funds with a teller at a branch | No |
| ATM withdrawal or transfer | No |
| Transfer of funds from savings to make a loan payment | No |
| Deposit into savings | No |
