Premium Savings Account Change of Terms
IMPORTANT NOTICE CHANGE IN TERMS AFFECTING YOUR NSWC FCU SAVINGS ACCOUNTS
The following change is effective as of May 5, 2016:
All savings accounts with NSWC Federal Credit Union, except the Premium Savings account, will be considered transaction accounts and not subject to the limitation of six electronic transactions per calendar month.
The Premium Savings account remains limited to six electronic transactions per calendar month, but allows unlimited in-person transactions. Electronic transactions in excess of six will be rejected by NSWC FCU.
What does this mean? Electronic transactions include transactions initiated by you via online banking or through the Internet, automated phone system (UNO), by telephone or pre-authorized or automatic withdrawals (except for internal transfers to pay a loan with NSWC FCU) and fax. ATM transactions and direct deposits are not considered electronic transactions. You may have an unlimited number of electronic transactions, on any of your NSWC FCU accounts, except for the Premium Savings account.
Why restrict some accounts and not others? Federal law restricts the number of electronic transactions that can be posted to an account, and most savings accounts qualify for this restriction. Unlike checking accounts that allow unlimited transactions in any form, savings accounts are intended to have far fewer transactions. With this change to our Account Agreement, only the Premium Savings account will be subject to this restriction.
What if I have questions? Please contact our Member Services Department by phone at (540) 663-2181, (540) 373-5124, by email email@example.com or speak with a representative at one of our branches.