Regulation D FAQs   

 

What is Regulation D?

 

Federal Regulation D places a monthly limit on the number of transfers/withdrawals you may make from your Savings Accounts without your physical presence being required. (Savings accounts are, by law, NON-TRANSACTIONAL ACCOUNTS)  Transfers or withdrawals affected by this regulation include:

 

  • Transfers/Withdrawals made using Online/Mobile Banking
  • Transfers/Withdrawals made using Telephone Banking
  • Overdraft transfers (made automatically to cover insufficient funds in other accounts)
  • Transfers/Withdrawals made by a Credit Union employee on your behalf
  • Pre-authorized, automatic, scheduled or recurring transfers/withdrawals

 

You are allowed six such transactions per month, per account.

 

What transactions are not affected by Regulation D?

 

  • Automated Teller Machine (ATM) transactions
  • Transfers made to loans
  • Transactions done in person at the Credit Union
  • Transactions sent in by mail or Night Drop with an original signature

 

What are my options once an account has reached its Regulation D limit?

 

You may complete transactions in person, at an ATM, or by mail or night drop with an original signature.

 

I have authorized a merchant to automatically withdraw payments from my Savings Account; do these transactions count against my monthly limit?

 

Yes. These payment (which you might know as "ACH" or "EFT" transactions) follow Regulation D limitations.

 

If an ACH/EFT is presented for payment from my savings account, and my Regulation D limit has been reached, what will happen?

 

The item will be returned to the originator with an ACH code of "Non-Transactional Account." The originator may choose to charge you a fee for the returned item. For this reason, we highly recommend NOT using a savings account for multiple ACH/EFT debit items - a share draft (checking) account should be used instead.

 

If a savings account being used for Overdraft Protection has reached its Regulation D limit, will overdraft requests be honored?

 

No. You will receive a notice by mail and incur a non-sufficient funds (NSF) charge of $30 for every overdraft attempted beyond your monthly limit.

 

NCUA - Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.  National Credit Union Administration, a U.S. Government Agency.  Equal Housing Lender - We do business in accordance with the Fair Housing Law and Equal Credit Opportunity Act.

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