What is Regulation D?
It’s the Law!
Regulation D limits the number of transactions Campus Credit Union may allow on your deposit accounts (including Savings, Club, and Money Market Accounts).
This regulation was implemented by the Board of Governors of the Federal Reserve System. With the increase in government scrutiny, this regulation must be followed more closely now than in the past.
Regulation D affects you by limiting certain withdrawals and transfers that may be made from your Share Savings, Club and Money Market Accounts. Under Reg D, a member may have no more than 6 of these transactions from savings per month, without penalty:
- Transfers using Campus Credit Union’s home/mobile banking
- Auto-transfers to other savings accounts, like Christmas Club, Vacation Club or secondary savings accounts.
- Overdraft Protection Transfers
- Withdrawals or transfers requested by phone, fax, or secured messaging.
- Withdrawals by ACH, such as automatically paying your cell phone bill, daycare bill, etc.
Regulation D does not limit the following withdrawals and transfers form Savings:
- Transfers to pay a Campus Credit Union loan
- Cash Withdrawals at a teller window
- Withdrawals at an ATM
What happens if I go over 6 of the restricted transactions?
Your transfer/withdrawal will still happen, however the government says we are to discourage this practice. Therefore, you will be charged 50 cents per transaction over 6 Reg. D limited transactions.
What can I do to comply with Regulation D and avoid these fees?
If you already have a Campus Credit Union checking account (checking accounts are not effected by Reg D limits), we suggest the following:
If you have a lot of direct debits (cell phone, daycare, rent, etc.), consider using your credit union checking account and move these debits to your checking account. If you have your payroll direct deposited into your savings account, consider moving the direct deposit to your checking account.
Several members have their payroll deposited into their savings account then use transfers to move their money around. It won’t take long to reach 6 Reg. D limited transactions.
If you do not have a Campus Credit Union checking account, we urge you to get one.
FEDERAL RESERVE REGULATION D IS A DIRECTIVE OF THE GOVERNMENT, NOT OF CAMPUS CREDIT UNION.
Note: This went into effect on October 1, 2019 to Campus Credit Union members. If this is an inconvenience and you would like to see this changed, please contact your local federal lawmakers.