Account Classifications & Transaction Limitations
New South Credit Union, like all financial institutions, is required to follow regulations set forth by the Federal Reserve Bank. Regulation D governs the amount of reserves that a financial institution must set aside based on deposit accounts.
The following transactions can be performed from your Savings, IRA or Money Market accounts but are limited to a maximum of six total transactions (any combination) per account, during a calendar month due to the requirements of Regulation D.
- Internet transfers to another deposit account
- Voice Response transfers to another deposit account
- Phone transfers to another deposit account via a branch
- Overdraft transfers to a checking account
- Automated funds transfers to another deposit account
- Funds transfers (not initiated in person at a branch) and payable to a third party such as a wire transfer request or recurring wire
All other transactions types are unlimited.
For more information, please review the Rules & Regulations Brochure.