Transfer Limits

Federal Government Regulation D


There is a limit of six (6) transfers from your savings account in a calendar month.

Federal regulations place a limit on the number of transfers or withdrawals you can make from savings accounts and Money Market accounts. As stated in your membership agreement “For share and savings accounts, you may make up to six (6) preauthorized, automatic, telephonic, or Home Banking transfers to another account of yours or to a third party during any calendar month.” All financial institutions are required to comply with this regulation.

How does this affect my checking account?

While we are required by law to comply, we have set up processes to ensure you do not incur unnecessary fees for returned payments or checks.  

We automatically make six (6) transfers from your savings to your checking account to cover transactions. After the sixth transaction, if you have an overdraft loan, we continue to process transactions until you reach your credit limit. Once those channels are exhausted, federal regulation prohibits Cyprus from making additional transfers to cover purchases, even if you have a balance in your savings account. Any additional transactions will be returned and you may incur a fee on your account from Cyprus Credit Union and/or the person or business processing the payment or check. 

There is no limit to the number of transactions you can perform from your checking account.

Frequently Asked Questions about Savings Transfer Limits

Q. What happens if I overdraft my checking account? Will funds transfer from savings?

A. Yes. Cyprus Credit Union will make up to 6 transfers from your savings account into your checking account to cover debit transactions or checks. Once you have reached the limit of 6, the overdrafts will be taken from your over draft line of credit. If you do not have an overdraft line of credit, any transaction after the limit of 6 will be denied or returned and a non-sufficient funds fee will be charged. If you do not have an overdraft line of credit, you can apply now, call 801-260-7700 or complete an online application in Home Banking under the Loan App tab.

Q. Which of my credit union accounts are affected by the savings transfer limits?

A. Only savings (S1) special or sub-savings (S2) and Money Market (S8) accounts are affected by the transfer limits. You can make up to 6 transfer out of each savings, special or sub-savings, and money market account in a calendar month.

Q. What if my savings, special or sub-savings, or Money Market account has reached the limit of 6?

A. Additional withdrawals or transfers can be made in person at a branch or shared branch location, at an ATM, or by mail.

Q. Does this limit apply to recurring transfers I have set up in Home Banking?

A. Yes. If you have recurring transfers you set up in Home Banking that come out of your savings account, each transfer will count towards the limit of 6. You can change or cancel these transfers by logging into Home Banking and click on “Recurring” under the “Transfers” tab. Here you can edit or cancel a recurring transfer. If you need help, please call us at 801-260-7600 and we’d be happy to walk you through the process.

Strategies to help manage Federally regulated withdrawals and transfer limits:

  1. Set automatic ACH withdrawals from merchants to come out of your checking account instead of your savings account since checking transactions are not subject to the regulation. Or consider using Bill Pay.
  2. Set up an Overdraft Line of Credit as your primary overdraft source. Transfers from your Overdraft Line of Credit are not regulated.
  3. Balance your checking account periodically. This will limit the number of overdraft transfers from your savings account.
  4. Plan ahead and make one larger transfer instead of several small transfers. Each regulated transfer counts as one transaction, no matter what the size.
  5. Sign up for free account alerts to monitor activity. Click “Alerts” under the E-Delivery tab in Home Banking to get started.

Home Banking

The rail navigation utilizes arrow, enter, escape, and space bar key commands. Left and right arrows expand / close menus in sub levels. Up and Down arrows will navigate through top tier links. Enter and space opens menus and escape closes them as well. Tab will move on to the next part of the site rather than go through menu items.

The products and services on this page are offered through LPL Financial or its affiliates by Registered Representatives of LPL Financial. These products and services are not credit union deposits, not credit union guaranteed, not insured by NCUA or any other government agency, and may lose value. Cyprus Credit Union is a separate entity and is not affiliated with LPL Financial.
Links from the Cyprus Credit Union web site to other web sites are provided solely as a convenience to visitors. If you use these links, you will leave the Cyprus Credit Union web site.

The Credit Union does not have any responsibility or control over any of these external web sites, their content or their privacy policies. We do not endorse or make any representations about third-party external web sites, including any information, products, materials or results that may be obtained from using them.

If you decide to access any of the linked third-party web sites, you do so entirely at your own risk. You are encouraged to review the privacy notice for each linked web site.
You are about to send an e-mail message to Cyprus Credit Union or to one of our partner associations.

 Please do not send any personal financial information via Email.

 E-mail transmission cannot be guaranteed to be secure and information
could be intercepted, lost, or contain viruses.