This applies to you! Yes, YOU!

Regulation D 

If you have a savings, club, and/or money market account with HCCU, you are limited to six (6) withdrawals via electronic, telephone, preauthorized or automatic transfers per calendar month. Exceeding the limit will result in a fee of $25 per transaction in excess of six, or possibly account closure.

What counts against me?	What DOES NOT count against me?
Overdraft Protection Transfers	Transfers done via ATM machine
Automatic transfers to another account or third party	Automatic transfers towards a loan
Preauthorized withdrawals	Deposits into your accounts
Online Banking transfers	Transactions conducted in person at a branch
Phone banking transfers
Using your ATM card with PIN at a store to conduct a transaction out of your savings
Phone transfers done with a HCCU employee

FAQs

What is Regulation D?
Regulation D, or Reg. D, is a federal regulation that places a monthly limit on the number of transfers you may make from your deposit account (savings, club, money market) without your physical presence being required. Its purpose is to regulate the level of reserves a financial institution maintains.

If I use online banking, will it notify me if I have gone over the 6 transactions I am limited to?
No, there is nothing in the online banking that will notify you. Members should keep track of the number of transfers they make out of their deposit accounts.

I have more than one deposit account. Am I limited to a total of six transactions for all my deposit account combined?
No. You are allowed up to six Reg. D transactions per month for each of your deposit accounts.

Is Reg. D something new?
Reg. D was enacted in 1933. It was and still is enforced.

Please contact us if you have any questions or concerns regarding this regulation and its enforcement.

Post by: Kelly V

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