- 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
How can I make a transfer after I have exceeded Reg D?
To make a transfer after the Reg D has been exceeded, you can:
- Transfer the money at an ATM
- In person with a teller
- Mail in a request to transfer funds
What is Regulation D?
Reg D is a federal regulation that limits the number and type of withdrawals from Savings, Additional Savings or Money Market Accounts to six per month (per account).
What is the purpose of Regulation D?
The purpose of Reg D is to regulate the level of reserves a financial institution maintains. The required reserve amount for each financial institution is based on the balances it has in its transactional accounts, such as Checking Accounts.
What policy change is Delta Community making to comply with Reg D?
Overdrafts from Savings or Money Market Accounts to cover debit card transactions will be included in the six (6) withdrawals permitted under Reg D. Therefore, debit card transactions that attempt to draw from Savings or Money Market Accounts when there are insufficient funds in checking - beyond the six permitted each month - will be denied, unless other forms of overdraft are set up on the account.
How does Reg D affect my account? If you have a Delta Community Savings or Money Market Account and frequent withdrawals are made from any one of those accounts to cover overdrafts from your Checking Account, Reg D withdrawal limits could possibly result in denied debit card transactions on your account.
Click here for overdraft protection options.
What types of transactions are counted toward the 6 (six) Reg D withdrawals permitted each month?
- 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, order or instruction. (e.g. Audioline or Online Banking, etc.)
- Withdrawal checks issued from a Savings or Money Market Account via Audioline/Online Banking when made payable to a third party
- Audioline/Online Banking transfers from a Savings or Money Market Account to any Delta Community Account
- Automatic transfers from a Savings or Money Market Account to cover checks, ACH, or EFT (overdraft protection)
- Checking Account debit card transactions which overdraft from a Savings or Money Market Account when the funds in the Checking Account are insufficient.
- Recurring scheduled transfers from a Savings or Money Market Account to any other Delta Community Account.
What types of transactions are not counted toward the 6 (six) Reg D withdrawals permitted each month under Reg D?
- Withdrawal checks issued via Audioline/Online Banking when made payable to the member and mailed to the member
- Any transfer for the purpose of repaying a Delta Community CU loan
- Transfers among accounts of the same person when made by mail, ATM or in person
When does the Reg D counter reset?
The Reg D counter resets at the beginning of each month, bringing the debit card and the ACH/Draft counter back to zero.
If I have two Savings Accounts am I limited to 6 Reg D withdrawals for each account or 6 in total for both?
Each month you are permitted six Reg D withdrawals from each Savings Account.
Are Reg D withdrawals on other Savings Accounts counted towards the Reg D count for the Money Market Accounts?
No, each Reg D governed account is allowed 6 Reg D withdrawals per month.
Do ATM transfers from Savings and Money Market Accounts count toward Reg D?
No, ATM transfers will not count towards Reg D.
- 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.
- Minimum age child can have a Savings/Checking Account
- At what age can my minor child have a Savings and/or Checking Account, and do I need to be a joint owner? Can someone else be joint on my child's account besides a parent?
A child under the age of eighteen may have a Savings Account as long as they have an adult as a joint owner on the account. The adult may be a non-guardian however, the parent or guardian must sign to allow the account to be opened. The Sandy Savers Club account is specially designed for children ages 12 and under. For more information on the Sandy Savers Club account click here.
A child of sixteen or seventeen may have a Checking Account as long as they have an adult as a joint owner on the account.
At eighteen years of age the applicant can have Savings and Checking Account without parental consent or a joint owner.
- 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.