Q: I am going to be travelling - what should I do to make sure I can access my money on my trip?
A: First of all, you'll want to submit a travel notification. You can do this under "Card Controls" on our mobile app, by calling us, or by stopping by to talk to us. This is an important step, because ATM, debit, and credit cards have fraud protection on them that will flag potentially suspicious activity, so we need to know that the transactions you're making while you travel are not fraudulent.
Also, as part of the MoneyPass network, you have access to over 37,000 no-fee ATMs all over the country! Just search the zip code you'll be in/passing through on the MoneyPass website and use your MTEFCU card to make no-fee transactions.
Q: I don't have time to come in during business hours. How can I accomplish my banking needs?
A: We have handy, downloadable guide that lists all of the tasks you can accomplish remotely. You can also drop most items off in our night drop box, which is located on the side of the building right before the drive-up window.
Q: What is Regulation D (Reg D)?
A: Regulation D is a Federal Reserve Board regulation which limits the number of certain types of withdrawals from savings accounts to six per month (per account). The purpose of Reg D is to regulate the level of reserves a financial institution maintains. Your Credit Union considers the following types of accounts to be “Savings Accounts”: primary share, secondary share, minor share, and member perks. Share draft accounts, or checking accounts, will not be limited.
Q: How does Reg D affect my account?
A: As required by the regulation, we will block the seventh and subsequent Reg D withdrawals per month from each of your savings accounts. If you make frequent withdrawals from your savings accounts, Reg D withdrawal limits could possibly result in returned items. If you need to make frequent withdrawals, you may consider opening a checking account and/or restructuring the way you use your savings and checking accounts. A member services representative will be able to assist you in determining what account option best meets your transaction needs.
Q: When does the Reg D counter reset?
A: The Reg D counter resets on the first of each month.
Q: What types of withdrawals are counted toward the 6 (six) permitted each month?
A: The types of transactions that count toward the 6 (six) withdrawals permitted each month under Reg D include:
- ACH transfers from a savings account to another Financial Institution or third party.
- Mobile, Online, or Telephone Banking (PAT) transfers from a savings account to any other MTEFCU account.
- Automatic transfers from a savings account to cover any type of overdraft due to checks, ACH, or debit card transactions (overdraft protection). This includes any transfers that would be necessary to cover automatic loan payments originated from a checking account.
- Transfers initiated by phone, including wires.
- Recurring scheduled transfers from a savings account to any other MTEFCU account.
Q: What types of withdrawals are not counted toward the 6 (six) permitted each month?
A: The following types of transactions are not considered Reg D withdrawals and will not be limited:
- Withdrawal checks issued via telephone with a member service representative when made payable to the member and mailed to the member.
- Any transfer (out of a savings account ) for the purpose of repaying an MTEFCU loan.
- Transfers between accounts of the same person when made by mail, ATM or in person.
- Any deposit (cash, check, wire, ACH deposit, etc.) made to any MTEFCU account.
Q: If I have a primary share account and two secondary share accounts, am I limited to 6 (six) Reg D withdrawals from each account or 6 (six) in total for all four?
A: Each month you are permitted 6 (six) Reg D withdrawals from each account.
Q: How can I make sure that my accounts are secure?
A: With new technology comes new privacy concerns, new methods of fraud and identity theft, and new methods of approaching security. We know staying secure and protecting your privacy is not an easy task, so we compiled a few resources for our members to reference to help get a better idea of what steps can be taken to maintain your personal privacy and security.
Online Security – Here are some tips to help you stay secure online on your personal computer
Mobile Security – Here are some tips to help you stay secure on your smartphone or tablet