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Regulation D Notice to Membership

Regulation D is a directive of the Federal government that is imposed on all financial institutions (banks and credit unions). To maintain compliance with Regulation D, the credit union places a monthly limit on certain kinds of transfers and/or withdrawals from savings accounts.

Transactions that count toward the Regulation D limit include the following:

  • Overdraft transfers made automatically to cover insufficient funds in other accounts
  • ACH withdrawals by third parties
  • ACH transfers to other deposit accounts (transfers to credit union loans are not counted toward the limit)
  • Internet/Mobile banking transfers
  • Transfers performed via telephone request
  • Payroll transfers (except for those to credit union loans)

Members are allowed a total of six of the above listed transactions per month, per account. Transfers/withdrawals done in-person at the credit union are not affected by the regulation.

On April 1, 2018, the credit union will begin to charge a $2 fee for every transaction in violation of Regulation D. In other words, you will be charged $2 for every transaction over the six (6) allowed. On the last day of the month, all fees will be deducted from the member savings account that is in violation of the regulation.

The credit union also reserves the right to take other action as necessary to ensure compliance.

Transactions not affected by Regulation D include the following:

  • Deposit and withdrawal transactions made at an ATM
  • Transfers done in person at any of our office locations
  • Transfers to make loan payments
  • Transfer requests made in writing and delivered through the mail or a messenger with signatures
  • Overdraft protection for a share draft account made from a line of credit
  • Withdrawals made by telephone (via check mailed to depositor)

Any transaction from a share draft account which does not necessitate an overdraft transfer from a share (savings) account. The credit union's new fee schedule reflecting this Regulation D fee is here. For additional information call our member service department at 906-228-9850 or visit a branch office.

Phone Number Update

The phone number to call if your MCFCU Credit Card has been lost or stolen during non-business hours has changed.  The new number is 800-828-3901.  Please update your records. 

Identity Theft Prevention

ATM, Visa Debit, and Visa Credit Cards will be closed if they are not activated within 90 days of receipt.

All activated cards that have not been used in the past year will also be closed.  If you still wish to have your card, please notify us at (906)228-9850


Check Copies Are Available Though Online Banking

Just click on the blue hyper-linked check number through Online Banking and a copy of the check will appear. Checks that clear as a WEFT will not have copies because the check has cleared electronically and there is no image to view.

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