You may complete transfers in person, by mail with original signature, or at an ATM machine.
Federal regulations require credit unions, as well as banks, to limit the number of withdrawals made from a savings/money market 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) preauthorized or automatic withdrawals, telephone transfers or transfers initiated by personal computer from each savings and money market account during a calendar month. Your checking account is excluded from this regulation.
The six transaction limit applies to each one provided the accounts were not established for the sole purpose of avoiding Regulation D compliance.
When you use your Visa Check Card for a one time point of sale transaction at a gas station or retailer, the funds are debited from your Checking, which means that the transaction is not subject to Regulation D. This is a great reason to set up an overdraft line of credit.
The Reg D counter resets on the first day of each calendar month.
Yes. All financial institutions are required to take action to prevent excessive withdrawals from non-transactional accounts.
• The purpose of Reg D is to regulate the level of reserves a financial institution maintains.
• The required reserve amount for each financial institution is based on the balances it has in its transactional accounts, such as Checking Accounts.