1. When do you plan to remove the Reg D convenience transaction limitation of 6 from your non-transaction accounts?
2. Do you plan to impose any limitations on any convenience transfers? If so, what will they be: How many and what methods will be limited (overdraft transfers, online transfers, etc...)
3. Do you plan to charge for any convenience transfers, i.e. overdraft transfers? If so, are you giving any free?
4. If you are not imposing limitations or charging, do you plan on removing the limit before you update disclosures such as Truth-In-Savings and Membership and Account Agreement?
David W Proffitt
President and CEO
Alcoa Tenn Federal Credit Union
Matthew P. Piazza, CPA
PRESIDENT & CEO
O: 410.584.7474 ext.240
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Last Friday, the Federal Reserve Board made changes to Regulation D (Reserve Requirements of Depository Institutions) allowing financial institutions to temporarily not enforce the six (6) transfer limitation on savings accounts.
In other words, effective tomorrow (May 1st), members with savings accounts at Salal will have the ability to make unlimited pre-authorized transfers from savings accounts, including ACH and transfers to checking accounts.
Here's What You Need to Know
"Notice to Members: As of May 1, 2020, Salal Credit Union is temporarily exercising its option to not enforce savings account transfer limitations as disclosed in your Membership Account Agreement; the number of pre-authorized transfers, telephone transfers, online banking transfers, or checks (Money Market Accounts only) was previously six per month. Salal Credit Union members can now enjoy an unlimited number of transactions from savings accounts without incurring an Excessive Transfer fee."