Limited Transfers from Savings Disclosure
RESTRICTIONS NECESSARY ON TRANSFERS OR WITHDRAWALS FROM CREDIT UNION SAVINGS ACCOUNTS TO KEEP THE ACCOUNTS FROM BEING CLASSIFIED AS TRANSACTION ACCOUNTS:
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Up to six withdrawals or transfers permitted per month when:
- Made by telephone, fax, or personal computer and payable to a third party
- Made by telephone, fax, or PCÂ to another account of the member at the credit union
- Made by preauthorized, automatic, or bill-payment arrangement for transfer to the member's other account(s) at the credit union or to a third party
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Unlimited withdrawals permitted when:
- Made in person
- Made by messenger
- Made by a letter request (considered the functional equivalent of the member coming into the credit union)
- Made by telephone, fax, or PC, if a check payable to the member is mailed to the member
- Made using an ATM
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Unlimited transfers permitted when:
- Made between the accounts of the same member AND made in person, by messenger, by mail or at an ATM
- Made by the member to pay a loan the member has with the credit union
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