Is there a limit to the number of electronic transfers I can make from my savings account?
Seattle Credit Union limits the number of pre-authorized, electronic, or automatic transfers or debits out of a savings deposit account to six (6) transactions per month. There will be an Excessive Transfer Fee of $20 on all transfers and withdrawals exceeding the six (6) monthly permitted.
Q: Does the Excessive Transfer Fee replace the Regulation D Fee?
A: The Credit Union previously had a Regulation D (“Reg D”) fee. The Reg D fee was the result of a federal regulation that placed a monthly limit on the number of transfers you may make from your deposit accounts without your physical presence being required. The Credit Union no longer charges Reg D fees. Instead, the Credit Union has an Excessive Transfer Fee.
Q: Which accounts at Aquila Standard are considered deposit accounts?
A: Aquila Standard considers all Savings Accounts, Money Market Accounts, and Certificates as deposit accounts.
Q: Are checking accounts subject to Excessive Transfer Fee?
A: No, checking accounts are not subject to Excessive Transfer Fees. There is no limit on any transactions on a checking account.
Q: Which transactions are subject to the Excessive Transfer Fee?
A: Any automatic or electronic transactions that are not done in person at a branch or ATM. The transaction must result in funds being taken out of a Savings Account, Money Market Account, or Certificate. Examples of transactions that count towards the Excessive Transfer Fee are:
- Transfers made using Online or Mobile Banking
- Transfers made using our automated Telephone Banking
- Transfers made by a Member Service Representative when calling our Contact Center
- Overdraft transfers (made automatically to cover insufficient funds in other accounts)
- Pre-authorized, automatic, scheduled or recurring transfers (called ACH withdrawals)
- POS Transactions (transactions using a Cash Card or Debit Card)
- Automatic transfers between accounts
- Checks written from a Money Market Account. A check counts against the month in which it clears, not when it was written.
Q: What types of transactions are not considered Excessive Transfer Fee Transactions?
- Transactions from a checking account
- Deposits to your account
- Transactions at a branch
- Transactions at an ATM
- Transactions at a Shared Branching Service Center
- Transactions at a 7-Eleven Shared Branching Kiosk
- Telephone Banking or Contact Center withdrawals resulting in a Cashier’s Check made payable to yourself
Q: I have more than one savings deposit account. Am I limited to a total of six transactions for all my deposit accounts combined?
A: You are allowed up to six Excessive Transfer Fee transactions per month for EACH of your deposit accounts.
Example: If you have three savings accounts, each savings account can have up to six Excessive Transfer Fee transactions.
Q: What happens if I go over the limit?
A: There will be an Excessive Transfer Fee of $20 on all transfers exceeding the six (6) monthly permitted by Aquila Standard.
Q: How can I avoid being charged the Excessive Transfer Fee?
- Open a checking account if you do not have one with Aquila Standard. Aquila Standard provides various checking accounts tailored to your needs.
- Use your checking account for the majority of your withdrawals and debits.
- Keep more funds in your checking account.
- Transfer excess funds from your checking account to your deposit account after you verify it is not needed.
- Locate a Aquila Standard branch, Shared Branch, Free ATM, or 7-Eleven Shared Branching Kiosk near you.
Q: What happens if I continually exceed the transaction limit?
A: Aquila Standard may convert your account to a different type. We may perform an account closure, in some cases.
If you have any further questions about this, call us at 206.398.5500 or send us a message.