Regulation D |
Federal regulations require credit unions, as well as banks, to limit the way withdrawals may be made from a savings account. Withdrawals in excess of these limits may result in a fee or account closure. Regulation D limits you to make no more than six (6) withdrawals or transfers from each savings account during a calendar month. Your checking account is excluded from this regulation. As of April 2020, an interim final rule allows the credit union to suspend enforcement of the 6 transfer limit and to allow our members to make an unlimited number of transfers and withdrawals from savings accounts. This rule allows but does not require the credit union to limit members to 6 transfers. What account does it affect and how?To help you understand these savings account transaction limitations, and to avoid excess activity charges, please review the following information: Limited Transactions:
Non-Limited Transactions:
Excessive Transactions: Withdrawals or transfers by mail, in person at one of our branches, and through an ATM are unlimited and are not subject to the Regulation D 6-transfer withdrawal limitation. Transfers/withdrawals in excess of the 6-transfer/withdrawal limitations as described above may be subject to a transaction fee. Please refer to the credit union's Fee Schedule. Tips to Avoid Reg D Fees on your Share Savings Account:
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