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Regulation D

What is it?

Federal Regulation D (“Reg D”) places a monthly limit on the number of transfers you may make from your Savings Accounts or Money Market Accounts without your physical presence being required.

Transfers affected are:

  • those made using telephone banking1
  • overdraft transfers2 (made automatically to cover insufficient funds in other accounts you have with us; see below)
  • transfers made by a staff member on your behalf, to a third party3 (see below)
  • pre-authorized, automatic, scheduled or recurring transfers4 (see below)

You are allowed six such transfers, per savings account, per month. Transactions beyond six (6), will result in a $25 Reg D fee being assessed against your account.

Transactions not affected are:

  • ATM transactions
  • transfers made to UBC loans
  • transactions done in person
  • transactions sent in by mail
  • UBC bill pay (which uses funds from your checking account)

1-When you use our telephone banking feature to withdraw, or transfer, funds out from your savings account

2-This is your “overdraft protection”.

3CU Money reloadable debit cards are considered a ‘third party’To avoid this situation: If you think you will be reloading your card more than 6 times in a month, reload your card from something other than a savings account, such as a checking account.

4– These payments are called “ACH” or “EFT” transactions and they 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 a Reg D fee.  Preauthorized monthly payments to merchants, insurance providers, leasing companies, etc. fall into this category.  To avoid this situation: make automatic payments using something other than a savings account, such as a checking account.