Account Guidelines

Balance vs. Available Balance: There’s a big difference!

Balance: The balance of your account is the total amount of funds in your account at a given point in time. Funds represented in the balance may or may not be available for transactions.

Available Balance: Your Available Balance is the portion of your Account Balance available to spend at any given time. Your Available Balance will change as you make transactions during the day. Keep in mind that this balance may not be entirely accurate due to the way that some merchants process transactions. For example, a gas station may only authorize a hold for $1.00 on your account even through you pumped $35.00 worth of gas. The hold authorized by a restaurant will often be the amount of the purchase before the tip. The actual amounts will not reflect until the transaction officially posts to your account within a few business days.

Regulation D

Important Notice: On Friday, April 24, 2020, the Federal Reserve Board amended Regulation D to remove the six-per-month limit on transfers from savings accounts. The Summit had suspended the enforcement of the six transfer limit in March; this allowed our members to make an unlimited number of transfers and withdrawals from their savings accounts at a time when financial events associated with the pandemic made such access more urgent. Due to the Federal Reserve Board’s rule to amend Regulation D, we have removed the limit permanently.

These transactions include:

  • Pre-authorized or automatic withdrawals
  • Telephone transfers
  • Transfers via Summit Online Access to another account or a third party
  • Overdrafts from Primary Savings.

Also, the number of check withdrawals made from a savings account is limited to six (6) per month.

Please note that this limitation does not apply to:

  • Credits to an account
  • Automatic transfers to make Summit loan payments
  • Transactions or withdrawals made in person, through an ATM, conducted by mail, through payroll Deduction, or by phone (when a check is mailed to the member)

Please keep these restrictions in mind when making transfers and/or withdrawals from your account(s).

If you feel this limitation will be an issue, please consider starting direct deposit into your Summit checking account or open our convenient line of credit. There is no limit to the number of transfers and/or withdrawals you can make with your Summit checking and Direct Deposit provides additional convenience and flexibility.

If you have questions or would like assistance in changing pre-authorized withdrawals or automatic transfers, please call our Member Service Center at (585) 453-7000 or (800) 836-7328 or stop by one of our branches.