ACCOUNT TRANSFER LIMITATIONS

In compliance with Regulation D, which states that Savings and Money Market accounts are non-transactional, and therefore limited to no more than 6 transactions in a 30-day period, it is our policy to allow 2 free transfers, withdrawals, EFT debits etc. from a savings account and 3 free transfers, withdrawals, EFT debits etc. from a Money Market account.  On the Savings account the 3rd through 6th transfer, withdrawal, EFT debit will be assessed a $5.00 excessive share withdrawal fee.  On the Money Market account the 4th through 6th transfer, withdrawal, EFT debit will be assessed a $5.00 excessive share withdrawal fee.

There are several ways to avoid these fees:
*  Calculate the amount of funds necessary to transfer, which can be accomplished within the allowable free transactions, for the 30-day (month) period.
*  If you have payroll deduction or direct deposit being deposited to a Savings or Money Market you can contact the Accounting Department at ECU and have these redirected to your Checking account.  There are no limitations on the number of transfers etc. that can be transacted from a Checking to a Savings or Checking to a Money Market.
*  Create a “safety net” by establishing a Line-of-Credit Overdraft Protection Loan.  There is no charge for an overdraft transfer, and the nominal finance charge that would be assessed is far less expensive than the excessive share withdrawal fee or risking an item being dishonored due to allowable transfers having been met.  To establish a Line-of-Credit Overdraft Protection Loan call our Loan Department at 214-366-8530 or Toll Free at 888-344-9994 ext. 230 or lendingservices@ecudallas.org.

PROCESSING SCHEDULES

*  Sharedraft Checks are posted each business day at close of business.  Unpaid checks are returned the next business day at 11:00 am (regulatory requirement).  If your check is presented for payment and cannot be paid a $30.00 fee will be assessed.  If you make a deposit prior to the cut-off time, after the presentment date, a $30.00 fee will still be assessed.
*  ACH Transactions that are "Warehoused" ACH transactions (received on prior business date to be settled on current business day) will be posted by no later than opening of business day.  ECU opens at 9:00 am. ACH transactions received on current business day will be posted by no later than 11:00 am.  Any ACH Direct Debit, if unable to be paid, will be returned the same business it was presented, by no later than 11:00 pm. This is a regulatory requirement.  A $30.00 fee will be assessed on each dishonored ACH Direct Debit.
*  Bill Payment electronic transactions are received by no later than 9:00 am each business day.  If an item cannot be honored it will be rejected by no later than 11:00 am the same business day.  The rejected item will be presented the next business day in an attempt to clear the payment.  A $30.00 fee will be assessed for each rejected presentment.
*  ATM/VISA Check All “PIN” (personal identification number) transactions are deducted immediately from your account.  If the transaction is created over the telephone, Internet, or at merchant location, by signing or similarly authorizing the transaction, a hold will be placed on the funds authorized.  This hold will be removed when the transaction is deducted from your account.  Signature based transactions will normally clear your account within 2 to 3 business days.