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Why Some Transactions are Limited to Six Per Month

Did you know that some types of transactions from your Savings or MarketEdge account are limited to six per month?

It’s not a Spectrum Credit Union rule — it’s a federal regulation.

Spectrum complies with Federal Regulation D, which requires all U.S. financial institutions to limit the number of “pre-authorized” transfers from savings and money market accounts to six per month. This includes account transfers or payments initiated by Telephone Access, Mobile Banking, and PC Access Online Banking, as well as automatic debits and transfers.

Once you reach your monthly limit, the Credit Union is not allowed to process any more pre-authorized withdrawals and transfers from your Savings or MarketEdge account that month.

If you use your Savings or MarketEdge account as an overdraft protection source, the Credit Union may continue to pay your overdrafts after you reach the limit. However, each overdraft paid will be charged a $25 insufficient funds fee regardless of the available balance in your Savings or MarketEdge account.

If you need to make additional withdrawals or transfers from your Savings or MarketEdge account after you reach your Regulation D limit, you can use one of these “non-automatic” methods:

• Go to an ATM
• Write to Spectrum
• Visit a branch teller window

Regulation D does not limit those transaction methods. Deposits, incoming transfers from another Spectrum account or a third party, and loan payments applied to Spectrum loans are also not limited.

To lessen the number of pre-authorized transactions affecting your Savings or Money Market accounts each month, consider these ideas:

• Set up a Personal Line of Credit (LOC) as your primary overdraft source instead of your Savings or MoneyMarket account.
• Have all automatic debits and payments come out of your regular Checking account. If you have to transfer money from your Savings or MarketEdge account to your Checking account to cover these payments, make one large transfer each month rather than several smaller ones.
• If you use direct deposit for your paycheck, make sure it is being deposited into your Checking account. You can transfer funds from your Checking account into your Savings or MarketEdge account without restrictions. Transferring funds out of your Savings or MarketEdge account into your Checking account, however, counts against the limit.

For more information, stop by your local branch or give us a call at 510-251-6000 or toll-free 800-782-8782.