Whether it's for the down payment on a new house, a vacation, college education, or retirement, let us show you how to support your future. A federally insured savings account with market earnings can help you achieve your goals. A minimum balance of $5.00 is required (at all times) on this account.
Holiday Club & Vacation Savings Accounts
Set aside money for the holidays or summer fun and you won't feel the financial pinch when they arrive. To make it painless, you can use payroll deduction for regular deposits. You'll earn dividends on these accounts too!
Holiday Club funds are transferred to your savings or checking account on the last business day in October. Fees apply for early withdrawals from the Holiday Club.
Like to have a separate savings for special items? You can set up a separate suffix to save for your child, a new television, graduation... the options are endless. You can have up to 10 individual saving's suffixes to help you save.
Savings & Money Market Transfer Limitations: No more than six (6) automatic or telephone transfers may be made from your Money Market or any Savings Accounts to another account of yours or to a third party in any month, by check, draft, debit/check card or similar order and payable to third parties.
Regulation D: Savings Account Transaction Limitations
Effective July 2, 2009, the Federal Reserve has revised Regulation D - making the savings and money market deposit accounts withdrawal and/or transfer limitation easier to understand. Federal regulations require financial instituions to limit the way withdrawals may be made from a savings or money market deposit account. Withdrawals in excess of these limits may result in a fee or account closure. Customers sometimes wonder why accounts have different terms or pay different interest rates. One of the reasons is Regulation D:
Regulation D applies to all financial institutions.
It imposes uniform reserve requirements on transaction accounts or non-personal time deposits, defines such deposits, and requires reports to the Federal Reserve. The regulation establishes operating parameters for each account category, such as transaction accounts (demand deposit or checking accounts) and non-transaction savings accounts. For instance, this regulation currently prohibits the payment of interest on business checking accounts. Regulation D also places limits on the type and number of withdrawals that can be made from certain non-transaction accounts, such as savings and money market deposit accounts. Checking accounts are deemed to be "transaction accounts", and have no such transfer or withdrawal limitations.
What accounts does it affect and how?
Savings Accounts and Money Market Deposit Accounts: During any month, you may not make more than six withdrawals or transfers to another bank account of yours or to a third party by means of a pre-authorized, automatic transfer or telephonic order or instruction, whether initiated by check, draft, debit card, if applicable, or similar order to a third party. This includes e*branch online banking account transfers and bill payments.
To help you understand these Reg. D savings account transaction limitations, and to avoid excess activity charges, please review the following information:
- Non-Limited Transactions:
ATM cash withdrawals and transfers (subject to the daily amount limits and sufficient available funds)
Withdrawals made in person, by mail, or by messenger at a University Credit Union office
Transfers made in person at a University Credit Union office
Automatic transfers to repay your University Credit Union loan
- Limited Transactions:
Checks, point-of-sale (POS) transactions, or debit card purchases
Automatic transfers to another deposit account at University Credit Union
Automatic transfers to a third party or another institution
Telephone transfers, including Automated Account Phone and those initiated by phone call, fax or e-mail through a Bank representative
e*branch online banking transfers and Bill Payments
In order to ensure that no more than the permitted number of withdrawals or transfers are made, the regulation requires that depository institutions take steps to prevent excessive transactions.
Excessive Transactions: Withdrawals or transfers by mail, in person at one of our offices, and through an ATM are unlimited and are not subject to the Regulation D 6-transfer withdrawal limitation. Transfers/withdrawals in excess of the 6-transfer/withdrawal limitations as described above may be subject to a service charge. For customers who continue to violate those limits after they have been contacted by the depository institution, the Regulation requires that either the account be closed or that the funds be transferred to a transaction account that the depositor is eligible to maintain.
Opt Out of Visa Account Updater
Visa Account Updater (VAU) is an account updating service in which your University Credit Union Visa ATM/Check card is automatically enrolled. When your Check card(s) expire, are lost or stolen and new cards are issued, the VAU service will update relevant card data (card numbers and expiration dates, CVV) to appropriate merchants who participate in VAU. This service provides updates to a Visa database only. The database is accessed by those qualified merchants seeking your account information after you have requested they process a recurring payment or payments. This service is provided as a free benefit to you to help facilitate uninterrupted processing.