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At Tinker Federal Credit Union, we are constantly working to make sure we comply with the many regulations that all financial institutions are required to follow. Regulation D is one of them. To learn more about Regulation D and how it might impact you, take a look at the frequently asked questions below.
What is Regulation D?
Regulation D is a federal regulation in which the Federal Reserve requirements restrict members to only a limited number of preauthorized withdrawals or transfers from their savings accounts, primary share savings, money market accounts (“MMA”), command fund accounts, premium plus accounts, and other non- transactional classified accounts. ‘Non-transactional’ accounts are subject to applicable regulatory limitations of only six (6) allowable preauthorized transactions per monthly statement cycle.
How does Regulation D affect my account?
During any statement month, you may make an unlimited number of withdrawals or transfers from a non- transactional account (savings account):
However, you may not have more than six (6) withdrawals or transfers from the account to another account of yours or to a third party by preauthorized or automatic transfer (including, but not limited to overdraft protection or coverage, as applicable), telephone, personal computer order or instruction, wire, automated clearing house (“ACH”) transfer, facsimile, or similar order or instruction.
Loan payments made for a Tinker Federal Credit Union loan from your savings account do not count against the six (6) allowable transfers.
What types of accounts are affected by Regulation D?
The following TFCU account types are affected by Regulation D:
When does the Regulation D counter reset?
The Regulation D counter resets on the first of each month.
What types of transactions are counted towards the six (6) Regulation D transfers each month?
The types of transactions that count towards the Regulation D limit include:
What types of transactions are NOT counted towards the six (6) Regulation D transfers each month?
The types of transactions that do NOT count towards the Regulation D limit include:
What are my options once my account has reached the Regulation D limit?
You may make an unlimited number of withdrawals or transfers from the restricted account in person, by mail or through a TFCU ATM.
I use my savings account for overdraft protection. If I have already reached my Regulation D limit for the month, what happens if I overdraw my checking account? Will the money transfer from my savings account?
The account for which the Regulation D limit has been exceeded will be removed as an overdraft transfer option.
If more than one overdraft option exists, the money will be transferred from the next overdraft option available, as applicable.
If there is not another overdraft transfer option, the transaction will be processed using any available Overdraft Coverage limit, as applicable, or it will be returned non-sufficient.
What can I do to avoid Regulation D limitations?
Reduce the number of preauthorized withdrawals and transfers conducted from non-transactional (savings) accounts.
You may make an unlimited number of withdrawals or transfers from the restricted account in person, by mail, or through a TFCU ATM.
How do I know if I have reached my Regulation D limit?
A warning will be displayed in Home Branch while making transfers when you have reached three (3) pre- authorized withdrawals or transfers for the month.You will be informed verbally when conducting a transaction by phone if you have reached your Regulation D limit.
What happens if I continually exceed my Regulation D limit?
Continued month after month excessive transactions on your non-transactional account beyond the regulatory transaction limitations, may result in limitations, restrictions, or suspensions of available services and privileges, including the possible reclassification of your account or account closure.
Does Regulation D apply to all credit unions and banks?
Regulation D applies to depository institutions, including but not limited to, any insured bank, savings bank, mutual savings bank, and insured credit union.
Do cash withdrawals count towards the Regulation D limit?
Cash withdrawals do NOT count towards the Regulation D limit.
Do deposits count towards the Regulation D limit?
Deposits do NOT count towards the Regulation D limit.
If I have more than one share savings account, am I limited to six (6) transfers for each account or 6 for all of my share savings accounts?
You are permitted to make 6 Regulation D transactions (preauthorized withdrawals and transfers) from each account per month.
Do transfers conducted to repay a TFCU loan count towards the Regulation D limit?
TFCU loan payment transfers do NOT count towards the Regulation D limit.
Do debit card transactions which result in an overdraft from a savings account count towards the Regulation D limit?
Any transaction resulting in an overdraft transfer from a non-transactional (savings) account does count towards the Regulation D limit.
Are transactions conducted in person (at a branch or shared branch service center) counted towards the Regulation D limit?
Transactions conducted in person do NOT count towards the Regulation D limit.
Do transfers conducted by telephone count towards the Regulation D limit?
Telephone transfers do count towards the Regulation D limit when transferred from a non-transactional (savings) account.
Do ACH transfers from a savings account count towards the Regulation D limit?
Non-transactional (savings) account ACH withdrawals do count towards the Regulation D limit.
What happens if I go over the Regulation D limit?
If the Regulation D limit is exceeded during the month, preauthorized withdrawals and transfers will be immediately suspended for the remainder of the month.
Do ATM withdrawals count towards the Regulation D limit?
ATM withdrawals do NOT count towards the Regulation D limit.