• What's a credit union?
• Who owns a credit union?
• Are savings deposits insured?
• Who can join Heritage South?
• What is Regulation D?
• What is Excess Share Insurance?
• What is Verified by VISA?
• Can I make suggestion for changes to the website?
• What are reloadable debit cards?

REGULATION "D" IS A DIRECTIVE OF THE FEDERAL GOVERNMENT, NOT OF YOUR CREDIT UNION.

Regulation D (Reg D), a regulation imposed by the Federal Reserve Board on ALL financial institutions (banks AND credit unions), sets limits on the number of monthly transfers and withdrawals that can occur for a Savings or Money Market Savings account. Members with Savings or Money Market Savings are limited by this federal regulation to making six (6) automatic withdrawals or transfers per account, per calendar month from any of these accounts (not including loan payments to Heritage South).

Once the limit has been reached, the system will no longer allow such a transaction and any automatic transfer may be returned as unpaid.

1. What is Regulation D?
Federal Regulation D places a monthly limit on the number of transfers you may make from your Savings Accounts or Money Market Accounts (MMAs) without your physical presence being required. Transfers affected by this regulation therefore include:

• Transfers made using Internet Banking
• Transfers made using Telephone Banking
• Overdraft transfers (made automatically to cover insufficient funds in other accounts; see below)
• Transfers made by a Member Service Representative on your behalf
• Pre-authorized, automatic, scheduled or recurring transfers (see below)

You are allowed six such transfers per month, per account, but only three of those may be made by check (Money Market accounts only). A check will count in the month in which it clears, not when it was written.

2. What transactions are not affected by Regulation D?

• ATM transactions.
• Transfers made to HSCU loans.
• Transactions done in person at a branch (including Shared branches).
• Transactions sent in by mail, or Night Drop with an original signature

3. What are my options once an account has reached its Regulation D limit?
You may complete withdrawals and transfers in person, by mail, or at an ATM.

4. If an account used for Overdraft Protection has reached its Regulation D limit, will overdraft requests be honored?
No, if the Overdraft Protection account is a Savings Account or MMA. In that case, you will receive a notice by mail and incur an Insufficient Funds change for every overdraft attempted beyond your monthly limit. However, if the Overdraft Protection account is a Line-Of-Credit loan (which is not affected by Regulation D) the overdraft will complete normally. To apply for a Line-of Credit loan, contact us.

5. I have authorized a merchant to automatically withdraw payments from my Savings Account or MMA; do these count against my monthly limit?
Yes. These payments (which you might know as "ACH" or "EFT" transactions) follow Regulation D limitations. Any withdrawals attempted beyond your monthly limit will not be honored, and you will receive a notice by mail and incur an Insufficient Funds charge. To avoid this situation, make automatic payments using something other than a Savings Account or MMA, such as a checking account. Contact the merchant to arrange this change, and be aware that your request could take more than a month to go into effect.

1.1 What Is The CUMONEY Card?

The CUMONEY Card is a prepaid debit card that allows members to make purchases at merchants, get cash at the ATM and reload funds to the card through an easy-to-use website. The CUMONEY Card is branded with VISA, Plus and Interlink, making it possible to use this card at thousands of locations worldwide.

1.2 What Makes The CUMONEY Card So Special?

The CUMONEY Card offers members all the advantages of using a debit card and can be used as a financial management tool for members that may not qualify for other card programs or even students.

1.3 How Does It Work?

Normal Debit Cards are funded from the members’ share or share draft account at the credit union. The CUMONEY Card is not linked to the members savings or share draft account.

1.4 Funding A Prepaid Card

Funds can be loaded from home if you have a bank account to draft the funds from or you can visit any of our locations to reload using the card number.

IMPORTANT NOTE: Funds loaded at the credit union are not available immediately but usually take only a few hours to be put on the card. Members will be able to reload funds to the card by visiting www.cumoney.com. A three-day-hold will be placed on funds loaded by the members at the www.cumoney.com website. Some fees may apply and rules and restrictions are available at the credit union for review.