RE: Reg D – Savings Account Transaction Limits
Regulation D is a less familiar banking rule that, among other things, places a monthly limit of 6 (electronic or automatic) withdrawals or transfers from your savings accounts to another credit union account of yours, or to a third party.
Examples of such automatic transfers include:
- Online Banking transfers
- Phone transfers
- Preauthorized 3rd party ACH debits
- Preauthorized automatic transfers
- Automatic Overdraft transfers
- Bill Pay payments
The limits do NOT apply to in-person visits to the credit union, ATM withdrawals, or loan payments made by a savings transfer. (Perhaps the easiest way to remember what is affected, is this: if you don’t have to physically get out and conduct the transaction, it is probably one of the six. But if you appear in person at the CU or at an ATM, it is not.)
If you are someone who exceeds these limits, we wanted to suggest some quick and easy ways to avoid the extra transfers. This is especially important to resolve as CONE CU will soon be implementing electronic controls which will automatically decline transactions that exceed the limits as of September 1st, 2019.
- Have any and all recurring third-party payments or automatic withdrawals taken from your share draft (checking) account, as checking accounts are not subject to this rule.
- If you have your paycheck directly deposited, make sure all of it, or at least enough to cover your month’s automatic third-party payments, goes into your checking and those payments get scheduled from your checking.
- When transferring funds via online banking, mobile app or telephone, transfer enough at one time to cover your budgeting needs, rather than multiple transfers of smaller amounts.
If you have any questions or wish to discuss this, we welcome your call! Just ask for a Member Services Representative when you call.
CONE CU Member Services