removed this page from the website 3-28-22 since we are not following Reg D and the excessive withdrawal fee is covered in the TIS Fees Schedule and the Account Agreement Although the Federal Reserve Board temporarily suspended the enforcement of the Regulation D six (not in person) transfer/transaction limit rule for all savings (including savings, club & money market) accounts, 1st Community FCU began charging Excessive Withdrawal Fees August 1, 2020, for these types of transactions as detailed below. Please utilize the links at the bottom to make the necessary changes to your account(s) to prevent these fees. For questions, please contact the Credit Union at 325/653-1465 or 800/749-1465.Article from 1CFCU July 1, 2020 Horizons newsletter – Our goal is to allow you as much freedom as possible in accomplishing your personal financial objectives in the easiest most cost-effective ways possible. There are occasions when laws or best practices for the entire credit union may conflict with your expectations. One such law came from the Federal Reserve and is designated as Regulation “D” requiring financial institutions to charge fees and eventually restrict types of electronic transfers and withdrawals in an attempt to reach their goal – make Savings accounts for saving with limited withdrawals and Checking accounts for use as your unlimited transaction account. Although many financial institutions charge fees of $10 or higher, 1st Community decided to only charge $1 per qualifying transaction which began January 1st. Our true goal would be to not to have to charge any fees if you don’t exceed the limited number of transactions as listed below. Currently Regulation D requirements to charge fees has been temporarily suspended, however, 1CFCU is going to charge Excessive Withdrawal Fees beginning August 1st. A $1.00 fee for Share/Savings or Club (except Arnie or Christmas clubs) accounts and a $5.00 fee for Money Market and Mega Money Market accounts will be charged after the sixth (6) electronic transaction is made from these accounts per month. Electronic transactions are defined as: transfers between accounts at 1CFCU which includes automatic transfers: to cover an overdraft in your checking account, third party payees or to other institutions when made by telephone, fax, or online / mobile / text banking. This includes automatic or preauthorized bill payments including ACH and automatic debits. There is no limit on in-person transactions, ATM withdrawals, or requests for check withdrawals made payable to you via telephone or online banking. These fees do NOT apply to your checking account since checking accounts are meant to be transaction accounts. For more information about Regulation D, please see the explanation at the bottom of the page or call us at 325/653-1465 or 800/749-1465 if you have any questions about how the Excessive Withdrawal Fees may apply to your account. 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 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. Although Regulation D has been temporarily suspended we are still including the following information to help you understand what was required in the past and why we have chosen to charge Excessive Transaction Fees. Regulation D took affect on your accounts effective January 1, 2020, but was suspended by the Federal Reserve effective April 27, 2020. What is Reg D and how will it affect you? A government regulation called REG D finally forced 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.