REG CC is the regulation that affects funds availability. Funds that are available immediately upon deposit are:
- Government checks, Federal, State and Local,
- Cashier’s Checks
- Bank Checks
- and Traveler’s Checks
Those are all guaranteed funds! All other checks coming into the credit union may or may not be placed on a hold till time of clearing. This will be at Managements discretion.
REG D is the regulation that affects account limitations. For share, Christmas Club, Vacation Club, Special Club, IRA, Roth IRA, Educational IRA, IRA Conversion, Bond Club or Money Market Draft accounts, no more than six (6) pre-authorized, automatic telephone or Home Banking transfers may be made from each account to another account or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. According to Federal Reserve REG D if you exceed these limitations, your account may be subject to a fee or be closed. To ensure your Share/Savings account is compliant, a $5.00 Over REG D Fee will apply to each withdrawal/transfer over the limit, effective November 1, 2015.