Special Rates for Preferred Club Members

Preferred Club Information

Preferred Club Enrollment 

Click on NCUA for your Insured Funds Information

REG D OR NOT REG D?

As part of a government plan to insure that all financial institutions have enough money in reserve at all times, Regulation D was put into effect. This limits the amount of transactions members can do on non-transactional "share/savings" accounts to 6 per month per account. After that, additional transactions will be rejected and an overdraft fee will be assessed. 

While using M.E.L. or Peoples 24/7, you may have tried to move money from one of your share accounts, to either your share draft account or to make a loan payment, and received an error message stating that this service was not allowed. "Why?" you asked yourself, as you had been able to do it before. Chances were that you had exceeded your six transactions per month limit on that share account. Please keep in mind that this is a federal regulation and not just a credit union policy.

Regulation D DOES NOT apply in certain cases however. There are no limits to the amount of transactions that a member can do from their share draft (checking) accounts. Also, Regulation D only limits to six the amount of transactions that a member does for themselves, i.e. via M.E.L., Peoples 24/7, ACH items, overdraft transfers to share draft account, etc. Any transaction that a member does through a teller, either in person or a faxed request, or withdraws from a share account at an ATM does not count against the six per month limit.

Confused yet? I know I was when I first tried to understand this regulation. As always, any questions you may have, please do not hesitate to contact us for additional information or clarification.

Place your loan on pause with Skip-A-Pay

The following conditions must be met in order to qualify for a skip a pay:

• Your loan must be established for 6 months.
• One skip allowed per year. By taking advantage of Skip-a-Pay, the skipped payment will be repositioned to the end of your loan.
• Loan must not have been delinquent within the past 12 months
• All loan applicants must complete and sign the skip a pay form.
• A $25.00 processing fee must be paid. Cannot be added to loan

By participating in Peoples Federal Credit Union's Skip-A-Payment program, you request that Peoples Federal Credit Union defer your loan payments as indicated. You agree and understand that:

1. FINANCE CHARGES will continue to accrue at the rate provided in your original loan agreement, during and after this time;
2. deferring your payment will result in your having to pay higher total FINANCE CHARGES than if you made your payment as originally scheduled;
3. the payment deferral will extend the terms of your loan(s) and you will have to make extra payment(s) after your loan(s) would otherwise be paid off (excludes certificate secured loans which require a new loan to be executed upon maturity of certificate);
4. you will be required to resume your payments the following month; and
5. a fee of $25 will be deducted from a savings or checking account for this service at the time the request is processed. If you elected GAP or Warranty Coverage, the coverage will not be extended beyond the original maturity date. All deferrals are subject to Peoples Federal Credit Union approval. Your loan(s) must be current (have no amount past due) to accept this offer. Certain restrictions may apply. Excludes all real estate loans.

Click here for the Skip-A-Pay coupon.