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Note: In response to COVID-19, the Federal Reserve Bank no longer restricts Savings and Money Market accounts to a maximum of 6 electronic transactions per Regulation D.
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Federal Regulation D places a monthly limit on the number of transfers you may make from your Savings Accounts or Money Market Accounts (MMAs) without your physical presence being required. The following types of transfers are affected by this regulation:
You are allowed six such transfers per month, per account.
You may complete withdrawals and transfers in person, by mail, or at an ATM.
No, if the Overdraft Protection account is a Savings Account or MMA. In that case, you will receive a notice by mail and incur an Insufficient Funds change for every overdraft attempted beyond your monthly limit. However, if the Overdraft Protection account is a Line-of-Credit loan (which is not affected by Regulation D) the overdraft will complete normally. To apply for a Line-of Credit loan, log in to Online Banking and select "Loan Application" or contact us.
Yes. These payments (which you might know as "ACH" or "EFT" transactions) follow Regulation D limitations. Any withdrawals attempted beyond your monthly limit will not be honored, and you will receive a notice by mail and incur an Insufficient Funds change. To avoid this situation, make automatic payments using something other than a Savings Account or MMA, such as a checking account. Contact the merchant to arrange this change, and be aware that your request could take more than a month to go into effect. Alternatively, consider using UFCU Bill Pay to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.