Important Information Regarding the Federal Regulation
of Your Accounts
Regulation D is a set of federal requirements that financial institutions must
follow. It provides regulation for the number of transfer withdrawals that can
be made from most savings-type (non transactional) accounts . This includes
the following account types:
• Regular Shares/Savings
• Special Shares
• Money Market accounts
This does not apply directly to checking account products, but they can be affected
if you have (and use) overdraft protection
REGULATION D limits the number of transfer withdrawals you can make against
any one of these accounts on a monthly basis. A total of six (6) transfer withdrawals
can be made per monthly statement cycle. No more than three (3) of the six (6)
transactions can be made by Check. "Point of Sale" transactions with
your CheckLink or ATM card.
For example, a total of six (6) transactions can be made by any combination
of the following:
• Pre-authorized Electronic Funds Transfer (EFT)
• Overdraft Transfer
• Transfer by phone
• Fax
• Three of the six transactions can be by check withdrawal or "point
of sale"
This federal regulation limits a total of six (6) transfer withdrawals that
can be made from any of these savings products. When the limit has been met,
no further transfer options become available for the remainder of the current
statement. THIS IS IMPORTANT INFORMATION FOR YOU. Once the limit of six (6)
transfer options has been reached, checks may be returned to merchants. This
could be on your Checking account if you are using the overdraft transfer option
or on your Money Market Account if you have exceeded the three (3) check or
"point of sale" limit.
Please note that REGULATION D does not affect withdrawals that you make in person,
at an ATM, by mail, or by a telephone call through the credit union call center
or MATTI that results in a check being mailed to you.
Contact one of our Financial Service Specialists if you would like to discuss
any specific questions you have regarding your credit union account.