Have you been seeing fees on your RGFCU account?
It could be a REG D thing!
It is important to remember that all of your savings type of accounts are not to be used as regular transaction accounts for handling your financial business.
All regular transactions – checks, electronic payments, deposits, etc. are to be targeted and scheduled to be processed via your checking account.
Regulation D limits the number of transfers that can occur from your savings accounts to your checking account to 6 transfers per month. Once you exceed the six transfers, a $5.00 is applied for each transfer. The purpose of Reg D is to recognize savings accounts as savings tools and not as an account which acts as a transactional account. Regular transactions are to be scheduled to occur from your RGFCU Checking Account.
You can avoid these fees by ensuring you always keep sufficient funds in your checking account to cover all of your financial activity. This also ensures you will avoid any Non-Sufficient Fund fees of $25 for each item when funds are not present in your account.
We recommend to utilize Online Banking and our Mobile App to transfer funds directly and keep your balance at a level where all activity is covered. This aids in avoiding all fees.