Checking Account Questions Answered
There are a lot of features that comprise a checking account. We've answered some frequently asked questions to help you get the most out of your checking account.
WHY DO I SOMETIMES NEED DIFFERENT ACCOUNT NUMBER FORMATS?
Automatic withdrawals or deposits require a specific version of your account number to ensure that your money finds its way into or out of your account correctly. Common examples might be direct deposit for a paycheck or automatic payment for a gym membership.
When you work with an organization outside of SLFCU to set up automatic deposits or withdrawals, you will need to use your automatic withdrawal and direct deposit account number to ensure your transaction is processed correctly.
You can find your automatic withdrawal and direct deposit account number at the bottom of your checks, as well as in online banking. In online banking, select the Accounts widget and click on the account for which you'd like to set up the automatic withdrawal or direct deposit. Then select the Account Details tab and look for the "Auto WD & Direct Deposit #".
WHY DO I HAVE A LIMITED NUMBER OF SAVINGS ACCOUNT TRANSFERS?
Due to a federal regulation, financial institutions cannot process more than six unsigned transfers or withdrawals per month originating from a savings account. Limited transactions include online and most phone transactions, as well as automatic overdraft transfers.
If you are using overdraft protection regularly and have multiple transfers from a savings account, consider making one lump sum transfer in advance of needing those funds.
Learn more about SLFCU checking accounts.
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