Important Notice: Savings accounts are subject to Reg D requirements
All savings accounts must meet federal Regulation D requirements which limit the number of unsigned withdrawal or transfers from savings to 6 per month. Additional transactions will be denied. If you are currently using your savings account as a transaction account, you may want to consider switching to a checking account that will permit greater flexibility. Please contact us for more information.
What is Regulation D?
Federal Regulation D places a monthly limit on the number of transfers you may make from your Savings Accounts or Money Market Accounts (MMAs) without your physical presence being required. Transfers affected by this regulation include:
SAVINGS WITHDRAWAL & TRANSFER LIMITS
FEDERALLY REGULATED Limit 6 per month (any combination) |
NON-REGULATED SAVINGS WITHDRAWAL/TRANSFERS (unlimited) |
ACH debits from savings and money market accounts (pre-authorized ACH or Electronic Funds Transfers) |
ATM transactions |
Home banking and bill pay transfers from savings and money market accounts |
In-person transactions |
Audio-response and other telephone transfers from savings and money market accounts |
Mail and night drop transactions |
Transfers from savings to cover checking account overdrafts |
Transfers from savings to pay a Credit Union loan. |
Each member is allowed any combination of 6 of the above transactions. After 6 per month, additional transfers will be rejected and a fee will be assessed.*** |
Credit union ATMs that are part of the CU Alliance network are free to all Credit Union members. (Please see a member service representative for a list of ATMs in your area.) |
