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What is Regulation D (Reg D)?
Regulation D is a Federal Reserve Board regulation which limits the number of certain types of withdrawals from savings accounts to six per month (per account). The purpose of Reg D is to regulate the level of reserves a financial institution maintains. Your Credit Union considers the following types of accounts to be “Savings Accounts”: primary share, secondary share, minor share, and member perks. Share draft accounts, or checking accounts, will not be limited.
How does Reg D affect my account?
As required by the regulation, we will block the seventh and subsequent Reg D withdrawals per month from each of your savings accounts. If you make frequent withdrawals from your savings accounts, Reg D withdrawal limits could possibly result in returned items. If you need to make frequent withdrawals, you may consider opening a checking account and/or restructuring the way you use your savings and checking accounts. A member services representative will be able to assist you in determining what account option best meets your transaction needs.
When does the Reg D counter reset?
The Reg D counter resets on the first of each month.
What types of withdrawals are counted toward the 6 (six) permitted each month?
The types of transactions that count toward the 6 (six) withdrawals permitted each month under Reg D include:
What types of withdrawals are not counted toward the 6 (six) permitted each month?
The following types of transactions are not considered Reg D withdrawals and will not be limited:
If I have a primary share account, two secondary share accounts, and a member perks account, am I limited to 6 (six) Reg D withdrawals from each account or 6 (six) in total for all four?
Each month you are permitted 6 (six) Reg D withdrawals from each account.