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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:
You are allowed six such transactions per month, per account.
What transactions are not affected by Regulation D?
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.
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