SmartDeposit FAQ

Are there any limits for the amount that can be deposited?
Yes, there are limits for SmartDeposit.
Daily – 2 checks per day with a dollar amount of $2,000
Monthly – 20 checks per month with a dollar amount of $20,000

What kind of checks will HFCU will accept through SmartDeposit?
SmartDeposit will accept the following types of checks...
A personal check (Share Draft)
Payroll check
Money Order
Traveler’s Check
Certified Check

Are there any checks HFCU will NOT accept through SmartDeposit?
Yes, there are several types of checks which will not be accepted by SmartDeposit.
A third party check, i.e., any item that is made payable to another party and then indorsed to you by such party
An item drawn on your personal account at Heritage Family Credit Union
An item that contains evidence of alteration to the information on the check
Any check previously converted to a “substitute check” as defined in Regulation CC
An item issued to you by a financial institution in a foreign country
Cashier’s Check
Remotely Created Check
An item that is “stale dated”, expired, or “postdated”
Any item that is “non-negotiable”
Items that have been re-deposited or returned, such as NSF or refer to maker or returned for any other reason
Any item that is incomplete
Saving Bonds

Do I have to do anything special for endorsing my checks?
Yes, endorsements that MUST be on the back of a check deposited through SmartDeposit:
Your Signature
“For Deposit Only”
Your Account Number
“Heritage Family Credit Union”

How long should I hold onto my deposited checks for?
Members should hold onto checks deposited via SmartDeposit for six months.

Regulation D FAQ

Regulation D, also known as the Reserve Requirements of Depository Institutions, is a Federal regulation that limits the number of automated withdrawals to six per month from a Share (Savings) Account. It ensures that financial institutions maintain adequate reserves for funds on deposit. Regulation D impacts the number of transfers and withdrawals allowed from each type of deposit account at all financial institutions including Heritage Family Credit Union.

Transaction limitations apply to Primary Share (Savings) Accounts, Secondary Share (Savings) Accounts, Money Market Share Accounts, and Club Accounts which, in this summary, we will refer to collectively as “Savings”. You may not make more than six pre-authorized or automated transfers from these accounts each month. No more than three of these six transfers may be made to a third party. If you exceed these transfer limitations in any month, we may return the transfer unpaid. Balance inquiries, payments to HFCU loans, and all transactions within a Share Draft (Checking) Account do not count as part of those six transactions. There are no limitations to the number of transactions that you may perform on any account in person, by mail or at an ATM.

To read more about this regulation and other regulations, please visit the Federal Reserve web site.

Which Transactions Count Towards the Six Transaction Limit?
Regulation D Chart
Type of transaction Does it count towards the limit of six transactions?
Electronic debits/withdrawals from your Savings from a third party (i.e. utilities, gym membership, etc.) YES
Transfers from Savings to Checking via e-Branch Home Banking or MARS 24-Hour Teller YES
Transfers from Savings to Checking via fax or email request YES
Transfers from Savings to Checking with a Call Center Representative YES
Visit a branch office to transfer funds NO
Transfers from an Overdraft Line of Credit to cover Checking transactions NO
Transfers from Savings to make an HFCU loan payment NO
ATM withdrawals/transfers from Savings NO
Direct deposits into Savings accounts (such as payroll and tax refunds, etc.) NO
Transfers from Checking to Savings through a teller NO

Q. If I have reached my Regulation D limit and still need to transfer funds, how may I do that?

A. You may perform unlimited transfers in person, by mail and by ATM.

Q. If I have three Savings accounts at the Credit Union, does the six transaction limit apply to each account? Are transfers aggregated from all three accounts in determining the six transaction limit?
A. The six transaction limit applies to each one provided the accounts were not established for the sole purpose of avoiding Regulation D compliance.

Q. Does Regulation D apply if I arrange for automatic debit withdrawals directly with a third party to pay for phone service, newspaper delivery, cable, etc.?
A. If you arrange for automatic withdrawals from your Savings for a utility or subscription service, etc., these transactions are impacted by Regulation D. To avoid this, please set up all automatic withdrawals to come out of your Checking. Or, take advantage of Heritage Family’s e-Bill Pay service, which is free when you have Direct Deposit or are an Ambassador Member.

Q. What about electronic deposits to Savings, such as tax returns or Direct Deposit?
A. Deposits to Savings are not monitored – the purpose of a Savings account is to put money into the account. Regulation D only affects withdrawals from Savings; therefore, we suggest that your Direct Deposit be posted to your Heritage Family Checking Account. Call, email, or visit a branch office today to set up your Direct Deposit preferences.

Q. Does Regulation D apply to the use of Visa Check Cards at gas stations, grocery stores, restaurants, and the like?
A. When you use your Visa Check Card for a point of sale transaction at a gas station or retailer, the funds are debited from your Checking, which means that the transaction is not subject to Regulation D. This is a great reason to set up an overdraft line of credit.

Q. Will I be charged a fee for going over my limit of six transactions per month?
A. Yes, the Credit Union will begin assessing a $10 Excessive Transaction Fee for each transaction that exceeds the transaction limits set forth above. This fee will be assessed regardless of whether the Credit Union pays the transfer or returns the transfer unpaid.

Additional Tips

1. Plan ahead and make one large transfer instead of several small transfers. Each Regulation D transfer (made by e-Branch Home Banking, MARS 24-Hour Teller or fax) counts as one transaction, no matter what the amount. You may utilize an ATM to transfer funds between your accounts to avoid Regulation D.

2. Consider visiting a branch office, using an ATM, or mailing your transfer request. These transfers are not limited.

3. Balance your checking account on a regular basis. This may help you reduce the number of Regulation D transfers from your Savings account. Or, take advantage of our e-Bill Pay service, which is free when you have Direct Deposit.

4. Have your Direct Deposit sent to your Checking account. You may transfer excess funds to your Savings without limit.
Download Our App
Heritage Family Credit Union has home banking apps for Android® and iPhone® devices.
Whatever your financial needs, day or night, you have access to your account information to help you meet your demanding lifestyle. From our branches, apps and call center we are here in Vermont and New Hampshire to serve you wherever you are.