Federal Government Regulation D
Regulation D (Reg D), a regulation imposed by the Federal Reserve Board
on all financial institutions, sets limits on the number of monthly
transfers and withdrawals that can occur for any Share Savings or Money
Market accounts. Members with Share Savings or Money Markets are limited
by this federal regulation to making six (6) automatic withdrawals or
transfers per account, per calendar month from any of these accounts.
Once the limit has been reached, the system will no longer allow such a
transaction and any automatic transfer may be returned as unpaid.
Accounts that are affected by Regulation D
- Share Savings Accounts (including special savings)
- Money Market Accounts
Types of transactions subject to Regulation D
Transfers between your accounts made through:
- e-Branch24 (Web)
- Call-24 (phone)
- Member Service Call Center
- Pre-authorized or automatic withdrawals (this includes such things as automatic utility payments, automatic mortgage payments, automatic transfers to other VTFCU accounts, and other payments to third parties)
Tips to help you manage your savings accounts and avoid Regulation D
limits:
- Plan ahead and make one large transfer instead of several small transfers. Each regulated transaction (made through the Call Center, Call-24 or e-Branch24) counts as one transaction, no matter what the amount.
- You may utilize an ATM to transfer funds between your accounts, consider visiting a Branch Location, or mailing your transfer request. These transfers are not subject to regulation.
- Set automatic ACH withdrawals from merchants to come out of your share draft checking account instead of your share savings account since share draft checking transactions are not subject to the regulation. You may consider using Bill Pay through e-Branch24.
