Who can be a member of GO Federal Credit Union?
If you live, work, worship, volunteer, or attend school in Dallas County, you can become a member of GO Federal Credit Union. Immediate family and households of GOFCU members can also join.
How do I become a member?
Becoming a member is fast and easy. Simply open a Savings Account with a $25 opening deposit. Apply for membership online or visit your nearest branch. Bring a valid US driver’s license, a state ID with a photo, or valid US passport. If your ID doesn’t show your current address, bring a utility bill or insurance card with the new address shown.
For full terms and conditions, click here to read our Membership and Account Agreement.
How is a credit union different from a bank?
GO Federal Credit Union offers financial services – just like a bank. But as a credit union, GOFCU is a member-owned, not-for-profit financial cooperative. Each member has a vote in how the credit union is run and rather than having shareholders and a profit-driven culture, GOFCU is service-driven and committed to improving the financial wellbeing of its members. All profits are returned to members in the form of lower loan rates, higher savings yields, personalized service, and convenient tools.
Regulation D (Reg D)
What is Regulation D and what does it mean for me?
Regulation D, or Reg D, is a government regulation which among other things defines transaction accounts and non-transaction accounts. Transaction accounts (i.e. checking) are allowed an unlimited number of transactions on the account. Non-transaction accounts (i.e. savings) are restricted to a monthly limit of six (6) transfers per month, per account, that you may make without your physical presence being required.
To ensure compliance with Reg D, effective May 15, 2017 GOFCU implemented a $5 overlimit fee which is assessed on each transaction over the monthly limit of six (6).
Which transactions ARE affected by Reg D on my GOFCU Savings account?
- Transfers made using online banking
- Transfers made using audio response (Touch & GO)
- Overdraft transfers made automatically to cover insufficient funds in other accounts (see below)
- Pre-authorized, automatic, scheduled or recurring transfers (see below)
You are allowed six (6) such transfers per month, per account.
Which transactions ARE NOT affected by Reg D?
- ATM transactions
- Transfers made to a GO Federal Credit Union loan
- Transactions done in person at a branch
- Transactions sent in by mail or Night Drop with an original signature
What are my options once an account has reached its Reg D limit?
You may make withdrawals and transfers in person, by mail or at an ATM.
If an account used for overdraft protection has reached its Reg D limit, will overdraft requests be honored?
Yes. However, you will incur an overlimit fee for every overdraft attempted beyond your monthly limit. If the overdraft protection account is a line of credit (which is not affected by Reg D) the overdraft will complete normally.
I have authorized a merchant to automatically withdraw payments from my share savings account. Do these count against my monthly Reg D limit?
Yes. These payments (which you might also know as ACH or EFT transactions) follow Reg D limitations. Any withdrawals beyond your monthly limit will incur an overlimit fee.
How can I avoid the overlimit fee on pre-authorized automatic withdrawal of payments?
To avoid the overlimit fee, make automatic payments using something other than a share savings account, such as a checking account.
Contact the merchant to arrange this change and be aware that your request could take more than a month to go into effect. Alternately you may want to consider using Bill Pay within GOFCU’s Home Banking to schedule payments rather than authorizing the merchant to automatically withdraw payments.
Have questions? We’re happy to help. Click here to contact us by email or call 214.742.6551.