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Savings Frequently Asked Questions
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How much do I need to open a savings account?
The minimum opening deposit on a regular savings account in $5.00.
Can I access my funds anytime?
You can access your funds anytime through transfers to your checking account* or with an ATM card.
What is Regulation D, and what accounts does the regulation apply to?
Regulation D is a Federal regulation that requires a transaction limit on your Savings, Market Rate Savings and Teachers Deposit Funds. This means you are limited to a maximum of six of the following transactions per month from the same account:
- Transfers over the phone with a Member Service Representative
- Transfers using Telephone Teller
- Transfers Using Online Banking
- Overdraft transfers
- Preauthorized transfers including ACH debits
What happens when you reach the maximum of 6 transfers in a month from the same account?
Once you reach the maximum of 6 transfers in a month from the same account, future transfers will not take place. This could result in insufficient funds or overdraft fees, depending on your account balance.
Are there any transactions that can be performed without any restriction from Regulation D?
Yes. The following transactions can be performed without any restriction from Regulation D:
- Transactions performed on a checking account
- Transactions performed at an ATM
- Transactions performed in person at a branch
- Transactions performed through the mail
- Transfers to pay loans at OnPoint
- Telephone withdrawals in which a check is mailed directly to you
Who should I contact with questions about Regulation D?
If you have any questions about Regulation D, please call Member Services at 503.228.7077 or 800.527.3932 (M-F 7:00 a.m. - 7:00 p.m.).
How often can I make deposits? Is there a minimum deposit?
You can make deposits as frequently as you like with no minimum deposit.
Can I arrange for a specific dollar amount to be deposited into my account automatically?
You have the option of signing up for direct deposit and your paycheck will automatically be deposited into your checking account on the day you get paid! The funds are immediately available for you to use at your own discretion. Sign up today. OnPoint's routing number: 323075880
*Subject to regulation D limitations.
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