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| Regulation D |
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What's Regulation D?
It's a Federal Regulation, which limits the number of transfers, withdrawals and third party payments that can be made on or from a regular share (savings) account. Regulation D requires financial institutions to maintain enough money in the federal system to cover outstanding checks should the institution fail. We don't have to keep reserves on our non- transaction accounts like checking accounts. Electronic transactions are limited to 6 per month from a regular share (savings) account.
These transactions include telephone, automated clearinghouse (ACH), fax, data transmission, online banking, online bill paying, automatic transfers, or any other arrangement by the credit union to pay a third party from the member's savings account. (Transactions made in person at a Credit Union office are not subject to the limitations.)
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