IMPORTANT – GOOD NEWS – Effective April 27, 2020 – the Federal Reserve Board announced an interim rule to temporarily suspend enforcement of the six transfer limit rule of Reg D to allow members to make an unlimited number of transfers or withdrawals from their savings deposits during the coronavirus pandemic to allow you access to your money.
1st Community FCU immediately suspended all Reg D transaction limits from savings accounts and fees listed below until further notice from the Federal Reserve.
A government regulation called REG D is finally forcing us to make BIG changes concerning transfers or debits (including Savings Overdraft Protection) from your Savings or Club accounts. They want Savings accounts to be for savings and Checking accounts to be the transaction accounts. Please read below how this will affect YOU. For questions, please contact the Credit Union at 325/653-1465 or 800/749-1465.
What is Reg D and how will it affect you? This is the same information as found in the October 1, 2019 newsletter, but in a stand-alone document
NOC (Notice of Change) Authorization form – to change your ACH direct deposit that is already coming to 1st Community FCU from Savings to start going to your 1st Community FCU Checking account
Reg D notification in October 1, 2019 newsletter
Transfer Your Direct Deposit – if you have direct deposit set up with your current financial institution, fill out the Change of Direct Deposit form and turn it in to your employer to have your direct deposit sent to your new 1st Community FCU account.
Transfer Your Automatic Payments – Once your checking account is established at 1st Community FCU, don’t forget to forward the Change of Automatic Payment (draft) form to all the companies that are automatically drafting your old checking account for mortgage, auto, insurance, etc. payments. You can use as many of these forms as necessary.
Close Your Other Accounts – fill out the Account Closure form to close your existing bank account and submit it to your financial institution once the transfer of your direct deposit and/or the automatic payments have started on your 1st Community FCU account.