Savings Accounts

Share Savings

A Share Savings account is the basic account for membership. Your funds will be earning competitive rates. Each payday, any amount you specify can automatically be deducted from your paycheck and sent to your savings account here at MWD Federal Credit Union.

There are a number of benefits of a savings account. Unlike a checking account, this money is not used for everyday expenses but is set aside for multiple reasons.

  • It is a safe way to accrue money instead of keeping large amounts of money in the home.
  • A savings account is the best way to set aside a rainy day fund, money that may be needed if an emergency or unexpected expense arises.
  • People with children can set up a separate savings account for their children as soon as they are born.
  • Money set aside in a savings account is insured by the National Credit Union Administration by up to $250,000.
  • Combine with a checking account and set up automatic transfers to help manage your savings and spending goals. Not only that but it works the opposite way as well, if individuals come up short in a checking account, the difference can be taken from a savings account.

What are Regulation D Limits?

According to Reg D, you may not make more than six pre-authorized transfers per month out of a savings account (Share Savings Account or Money Market Accounts). For purposes of the regulation, “pre-authorized transfers” means transfers by phone, fax, email, online banking, debit point-of-sale transactions, as well as overdraft transfers to checking to cover checks and electronic (ACH) debits.

For your information:

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