Federal regulations limit the total number of electronic transfers and checks from any non-transactional account—Prime Share, Clubs, or Money Market—to six per account per month.
Electronic transfers include:
- Transfers made online through Home Banking
- Transfers made by phone (via Tower Talk 24 or a Member Service Representative)
- Cross Member Transfers
- Funds Transfers
- Overdraft Transfers
- Automatic debits or scheduled transfers
- Transfers from a Prime Share or Club account to cover overdrafts for other accounts
If you exceed six electronic transfers and checks from a non-transactional account in a calendar month, any transfers over the six per account limit will be declined, and you will be charged a $20 fee. The date the check or transfer clears your account will determine whether the limit has been exceeded.
The six-transfer limit only applies to electronic transfers and checks from a non-transactional account. You can make unlimited transfers and withdrawals through the mail, at an ATM, or in person at a branch. Transfers made to a Tower loan account are not included in the six-transfer limit