Regulation D

The credit union tries to always accommodate members' requests for transfers from one account to another. Our goal is to allow you as members as much freedom as possible in accomplishing your personal financial objectives. There are rare occasions when the laws applicable to the operation of this credit union conflict with your expectations. On those occasions, the laws must prevail.

One such law comes from the Federal Reserve and is designated as "Reg D". Reg D restricts the number of certain types of transfers to six per month. These transfers generally are from savings to checking. Transfers from savings that most frequently come under this regulation are as follows:

  • When a member telephones one of our offices to request a transfer of funds within the same member number, or between two members or member numbers,
  • When overdraft protection automatically transfers funds,
  • When a member uses the ARU (audio response unit) to transfer funds within the same member number, or between two members or member numbers,
  • When a member uses Online Access to transfer funds within the same member number, or between two members or member numbers,
  • When a member has a pre-authorized, automated ACH (Automatic Clearing House) withdrawal.

Once six of these transfers from the savings account have been done, Reg D will not allow any additional automatic, telephone or online type transfers for the remainder of the month. Subsequent telephone and electronic transfer requests from savings will be denied, and automatic overdraft protection will be suspended. Checks that cannot be paid from funds in the checking account must be handled manually, incurring a $18.00 fee.

The best solution is to always keep sufficient funds in the checking account to cover outstanding items. Other solutions include making transfer requests in person or authorizing overdraft protection from your approved line of credit loan. There are no limits imposed on either of these options. The employees of the credit union want to accommodate your requests whenever possible. You can help by awareness and attention to your accounts.