Regulation "D" was implemented by the Board of Governors of the Federal Reserve System, whose job is to ensure that financial institutions maintain adequate reserves for the funds they have on deposit. The Regulation limits the number of transfers or withdrawals on your Savings, Money Market or Club accounts.
During any calendar month, you may make a combination of six (6) withdrawals or transfers from each of your Savings, Money Market or Club accounts via the methods listed below. No more than three (3) of these transactions can be made payable to a third party using a check, share draft, or debit card. Your credit union is required by law to strictly adhere to this Regulation. As such, an automated monitor will not permit additional transfers or withdrawals once the monthly limitation is reached and applicable fees will be assessed. Continued violation will subject your account to closure.
The Regulation "D" limitation only affects the following transactions:
- Automatic transfers from a Savings to Checking to cover a check clearing
- Pre-authorized, automatic or bill payment debits from a Savings, Money Market or Club account (for example, a monthly gym membership)
- @nytime Teller or Online Banking transfers from a Savings, Money Market or Club account (except to make a loan payment)
- Faxed requests for withdrawals or transfers from a Savings, Money Market or Club account
- @nytime Teller or Online Banking withdrawals from a Savings, Money Market or Club account
Remember, you may make unlimited withdrawals or transfers from your Checking account each month via any method.
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