Membership and Account Agreement

Truth-in-Savings Disclosure for Share and Share Draft Accounts 2nd Quarter 2024

Funds Availability Policy Disclosure

Electronic Funds Transfer Agreement Disclosure (EFT)


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Regulation D  

*On April 28, 2020, the Board of Governors of the Federal Reserve (Board) published an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the “savings deposit” definition.


The Federal Reserve Board announced an interim final rule to amend Regulation D to delete the 6-per-month limit on convenient transfers from “savings deposit” accounts.

Regulation D is a federal regulation that requires all financial institutions to enforce controls and limits on the number of certain types of transfers or withdrawals from a savings account.  Regulation D allows for a maximum of six transactions each calendar month from a savings account. Transactions from a savings account exceeding six in a calendar month must be rejected and/or assessed a punitive fee to deter further activity of this nature.

Transactions from a savings account affected by Regulation D are:

  • overdraft protection transfers
  • authorized payables (ACH, pre-authorized debits, etc.) to third parties
  • automatic transfers excluding transfers to loans
  • transfers completed within home banking or mobile banking

Transactions from a savings account not affected by Regulation D are:

  • in-person withdrawals or transfers
  • ATM withdrawals

Southwest Oklahoma FCU is obligated to enforce a fee of $10 for each Regulation D transaction from a savings account that exceeds six in a calendar month. Please contact us if you have any questions.

Thank you for understanding as your credit union continues to work within the stringent parameters of our federal regulatory requirements.



In accordance with Section 326 of the USA PATRIOT ACT, Southwest Oklahoma Federal Credit Union is required to take reasonable steps to verify the identity of any potential new account holders, which may include existing members, and maintain records of the documentation used for verification.

At a minimum, SWOFCU is required to obtain the following information prior to account opening or adding a signatory to an account:

  • Name
  • Date of Birth, for individuals
  • Place of Residence, and mailing address, if different
  • Taxpayer Identification Number (i.e. Social Security Number), for U.S. persons
  • One or more of the following for Non-U.S. persons: a U.S. Taxpayer Identification Number; passport number and country of issuance; alien identification card number; or number and country of issuance of any other government-issued document evidencing nationality or residence.  This identification must bear a photograph or similar safeguard.

Under the Act, SWOFCU is permitted to impose and implement additional identity verification procedures where deemed necessary and appropriate.