Making Sense of Reg D
What you need to know when transferring money from your Savings Accounts
How many times can I transfer from my savings to my checking account?
You are limited on the number of transfers that you may make from your Savings Account by Federal Reserve Regulation D (Reg D). This restriction includes a limit of six transfers per month from a Savings Account or Money Market Savings Account at all banks or credit unions.
Transactions that are LIMITED to six per month include transfers from savings made by the following:
- Transfers made using Online Banking
- Transfers made using the Mobile App
- Transfers made using Audio Response
- Overdraft transfers that are made to automatically cover insufficient funds in other accounts
- Pre-authorized, automatic, scheduled or recurring transfers
- Transfers made by a Member Services representative on your behalf
In addition, only three transfers can be to a third party.
Transactions that are NOT LIMITED to six per month include:
What happens when I REACH THE MONTHLY transfer/withdrawal MAXIMUM?
Once the monthly maximum of six withdrawals or transfers per month has been reached the account holder must complete additional transactions at an ATM machine, in person at a branch or by mail. If the affected Savings Account is being used for Overdraft Protection and requires transfer of funds from an account that has used the six allowed transactions per month then overdrafts will not be covered and overdraft fees may be charged unless you have other available overdraft sources. Transfers from an eligible line of credit to cover overdrafts are not affected by Reg D. Once all established Savings and Line of Credit sources are exhausted, Overdraft Courtesy Pay may begin to cover overdrafts and will assess a fee.
How can I ensure that my checks clear without interruption?
We recommend that you have adequate money in your checking account to cover your check before you write it. As mentioned above, you may signup for different Overdraft Protection sources. Contact us for more information!