Federal Regulation

Federal Regulation D

 Due to all of the new electronic programs we are currently offering, you need to be aware that Regulation D restricts the number of transactions members are allowed to make on their share accounts. Federal Regulation D limits the number of transfers, withdrawals and third party payments that can be made from a regular share account. The regulation limits the number of items it defines as 'electronic' to 6 per month. No more than 6 transfers may be made by check, draft, debit card, if applicable, or similar order to a third party. 

The following types of withdrawals are considered 'electronic':

  • ACH debits from savings
  • HFS transfers/withdrawals from savings (Internet Banking)
  • PAL transfers/withdrawals from savings (Interactive Voice Response)
  • Transfers/withdrawals done via phone with a teller
  • Overdraft transfers from savings to cover ACH, ATM, checks, and P S Easy Pay items
  • ATM point-of-sale transactions from the savings account
  • Transfers from one savings account number to a different account number, done in person at one of our branches

Items that are exempt from Regulation D limits are as follows:

  • Transfers/withdrawals done within the same account number in person at one of our branch locations from savings
  • ATM cash withdrawals from savings
  • ATM transfer requests from savings

Any electronic items that are received each month after you have exceeded your 6 will be rejected or returned for Insufficient Funds. The best way to avoid any limitation problems with your share accounts is to deposit your funds into your checking account and use this account for all of your electronic transactions. If you have any questions or would like a copy of this Federal Regulation, give us a call at: (440) 843-8300.