- Additional Savings Account FAQs
What is the benefit of an Additional Savings Account?
Having a second savings will be convenient to save for a special occasion, or for a major purchase, by keeping your funds separate from your primary savings. You may find this similar to a Christmas Account but with an added benefit; the Additional Savings Account earns the same dividend rate as does your Primary Savings.
Can I open an Additional Savings Account from my Primary Savings Account online or do I need to fill out a request form?
To open an Additional Savings account from within Online Banking, simply click on Add an Account from the Additional Services tab.
If you are not an Online Banker, complete the Membership Application. You may return the form by mail, fax or stop by your local branch. It only takes a couple of minutes to open this account for you.
Can I open more than one Additional Savings Account?
Yes. You can open multiple Additional Savings Accounts by following the steps above.
Is there a minimum deposit required for the Additional Savings Account?
There is not a minimum deposit required for an Additional Savings Account. The Primary Savings Account must have a $5 deposit to open the account but not the Additional Savings Account.
Can the joint owner of a minor's Sandy Saver account request to open an Additional Savings Account?
Yes, at the joint owner's request, Delta Community CU will open the account for the minor.
Will I be able to use my ATM or Visa Check Card to withdraw funds from the Additional Savings Account?
No, your ATM card will not access funds on your Additional Savings Account directly. You can only withdraw funds from your primary Savings or Checking Accounts. You can transfer* the money as stated below and then make the withdrawal at the ATM.
How can I transfer* funds to and from my Additional Savings Account?
If you need to set up an Audioline access code, access the form here. To set up Online Banking access, click on Log In from the Tool Bar above. Next, click on New Enrollment.
- Online Banking
- Fax request to 404-677-4789 attn: Research Advisors
- Standard withdrawal slips in front of a teller
- Sending an online message using the Secure Email under Additional Services from within Online Banking
*You can also request a check to be mailed to you online or from Audioline 1-800-334-7536 check withdrawal from Savings ID 30 service code 13#.
Can I set up an ACH for direct deposit into my Additional Savings Account?
Yes, you will need to provide your employer with your account number and then -30. For example if your account number was 12343456, you would list it as 12343456-30. If your employer cannot enter a dash in the account number, then you will need to choose your Primary Savings Account or your Checking Account for the direct deposit.
*Reg D - Savings and Money Market Account Limitations: The account owners will not be permitted to make more than six (6) withdrawals from the Savings Account per month for the purpose of transferring funds from the Savings Account to another account with the Credit Union or for making a payment to a third party by means of preauthorized or automatic transfer, telephonic agreement (e.g. Audioline, Online Banking, or Online Bill Pay), order or instruction. The following transfers or withdrawals do not count toward the six (6) withdrawal limitation: (a) any transfer for the purposes of repaying the Credit Union loans; (b) transfers among accounts of the same person, when made by mail, messenger, ATM, or in person, and (c) withdrawal checks issued via Audioline. You are allowed a certain number of withdrawals during a month and the entire calendar year, after which service charges may be assessed. Both the number of withdrawals and the charges that may be assessed are listed on the Disclosure Supplement.
- Reg D FAQs
Q: What is Regulation D?
A: Reg. D is a Federal Reserve Board regulation that limits the number of certain types of withdrawals and transfers from Savings, Additional Savings or Money Market Accounts to six (6) per month with each account.
Q: What is the purpose of Reg. D?
A: Reg. D regulates the level of reserves a financial institution maintains.
Q: What policy change is Delta Community making to comply with Reg. D?
A: Effective November 1, 2015, ACH (Automated Clearing House) and checks presented for payment, exceeding the Reg. D limit of six, will be returned as unpaid if no other overdraft protection is available. This change aligns with our policy to decline debit and online transfer transactions that exceed Reg. D limits.
Q: How does Reg. D affect my account?
A: If you make frequent withdrawals from your Delta Community Savings or Money Market Account to cover authorized transactions or overdrafts, the account could reach Reg. D withdrawal limits. When the limit is reached, it could result in denied debit card transactions or returned ACH and Check items on your account. Click here for overdraft protection options.
Q: How can I avoid having a returned ACH or Check transaction?
A: Delta Community offers various options for your checking account to use as overdraft protection instead of a savings or money market account. These options include a Personal Line of Credit or a Delta Community Visa Credit Card. You can also set up low-balance alerts through your Online Banking account in an effort to avoid overdraft transfers that could cause your account to exceed Reg. D limits.
Q: If my account exceeds Reg. D limits, will I receive notification?
A: Yes, when Reg. D limits have been exceeded, the Credit Union will send you a letter providing details of the item which has been returned and the fee applied to the account.
Q: When does the Reg. D counter reset?
A: The Reg. D counter resets at the beginning of each month, bringing the debit card, ACH and Checks counter back to zero.
Q: What types of transactions are counted toward the six transfers permitted each month?
A: The types of transactions that count toward the six transfers permitted each month under Reg. D include:
ACH transfers from a Savings or Money Market Account to another financial institution or third party for payment by means of a preauthorized or automatic transfer, telephone agreement or Online Banking.
Check withdrawal (either traditional or issued via Online Banking) from a Savings or Money Market Account.
Online Banking transfers from a Savings or Money Market Account to any other Delta Community account. Automatic transfers from a Savings or Money Market Account to cover checks, ACH or Electronic Funds Transfers for overdraft protection.
Checking Account debit card transactions which overdraft from a Savings or Money Market Account when funds in the Checking Account are insufficient.
Recurring scheduled transfers from a Savings or Money Market Account to any other Delta Community account.
Q: What types of transactions are not counted toward the six transfers permitted each month?
A: The types of transactions that are not counted toward the six transfers permitted each month under Reg. D include:
- Withdrawal checks issued via Online Banking when made payable to the member and mailed to the member.
- Transfers for the purpose of repaying a Delta Community loan.
- Transfers between the same accounts made by mail request, ATM or in a branch.
- Debit card transactions that do not trigger overdrafts from Savings or Money Market Accounts.
Q: If I have two Savings Accounts am I limited to six transactions for each account or six in total for both?
A: Each month you are permitted six transfers per Savings and Money Market Account; however, you would need to ensure both are linked for overdraft purposes.
Q: Do ATM transfers from Savings and Money Market Accounts count toward Reg. D?
A: No, ATM transfers do not count toward Reg. D limits.
- Pulling credit report and Early Warning for new account
Is a credit report pulled when a new membership account is applied for to join the credit union?
Yes, a credit report is pulled from the credit bureau Equifax for new members when opening a membership. We will also run an Early Warning report to determine qualification for membership for the applicant.
Will pulling my credit to join the credit union affect my credit score?
An inquiry to your credit report may or may not affect your credit score.
Can I still apply for membership if I have a freeze on my credit?
If your credit has been frozen you will need to contact the credit bureau used to freeze the credit report and arrange to have the report made available to pull before submitting an application.
- Routing number and account number - Setting up automatic deposit and withdrawals (ACH)
How do I set up automatic withdrawals and deposits?
- For a withdrawal or deposit for your Savings Account (including Additional Savings), you will use your Primary Account number and the 4 digit Share ID preceded by a hyphen. The account number can be located at the top of your share statement and the ID is located in the 2nd column at the top of the respective transactions section. (Leave off any zeros in front of the account number)
For example: 11123456-0000 (savings) or 11123456-0030 (additional savings)
Please note, the number that appears under account details within Online Banking may be incorrectly presented for ACH use. We have found inaccuracies and are working to get this resolved as quickly as possible.
- For a withdrawal or deposit for your Money Market Account, use the Money Market Account s checking account number excluding any leading zeros located on the bottom of your printed checks. If you do not have checks for this account, the associated checking account number can be located on your statements next to the Money Market share ID.
Please note, withdrawals from Savings, Money Market, and Additional Savings accounts are limited to 6 withdrawals per month.
- For a withdrawal or deposit for your Checking Account, use the Checking Account number excluding any leading zeros located on the bottom of your printed checks. If you do not have checks, the number can be located on your statements next to the Checking Account share ID or within Online Banking, locate the ACH number by clicking on your Checking account and clicking the link See account details.
- The Delta Community CU's routing number: 261071315.
A routing number is the code used by the ACH to route your debit/deposit to the correct financial institution. Every financial institution has a designated routing number which consists of nine digits of which the first two digits are 01 through 12 or 21 through 32.
To set up electronic withdrawals from your Delta Community CU Savings or Checking Account to your deposit account, loans or mortgage at another financial institution, access the Electronic Deposit/Withdrawal Agreement Authorization form. You can also set your CU account up for electronic deposits from your deposit account or loan from another financial institution.
- APYE rates on Savings Accounts
- Why do dividend percentages sometimes look different on some Savings Accounts that should have the same rate?
You will notice on your statement that the dividend rate is the same on all Savings Accounts within the same tier schedule. The Annual Percentage Yield Earned shows the dollar amount of dividends as a percentage of the actual average daily balance in the account. Therefore, different accounts with different average daily balances, may have different APYEs, but be assured they are calculated from the same Dividend Rate as long as they are in the same tier. APYE is affected by deposits and withdrawals during the dividend period. APYE is the Annual Percentage Yield, which takes the dollar amount of the dividends earned as a percentage of the average daily balance. The APYE shows the relation of the dividends earned to the actual balance in the account. It is required for all periodic statements.