Regulation D (Reg D) is a federal regulation that applies to all financial institutions. Due to the restrictions set forth by Reg D, certain withdrawals or transfers out of savings and/or money market accounts are limited to six a month. Examples of limited transactions include online banking and automatic recurring monthly transfers out of these accounts. Tips to help manage these accounts and avoid Reg D limits include:
- Use an ATM to transfer funds between accounts
- Visit a branch to transfer funds
- Set-up automatic recurring monthly transfers or debits from your checking account, which is not subject to Reg D
For more information on Regulation D, and the steps you’ll need to take, please review the frequently asked questions below. If you need additional assistance, please contact the Member Service Center at 1-877-TRUMARK.
What is Regulation D?
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. Transfers affected by this regulation include:
- Transfers made using online banking
- Transfers made using Account Management by Phone
- Overdraft transfers (made automatically to cover insufficient funds in other accounts; see below)
- Transfers made by a member service representative on your behalf
- Pre-authorized, automatic, scheduled, or recurring transfers (see below)
You are allowed six such transfers per month, per account (checks count against the month in which they clear, not when they are written).
What transactions are not affected by Regulation D?
- ATM transactions
- Transfers made to TruMark Financial Credit Union loans
- Transactions done in person at a branch
- Transactions sent in by mail or Night Drop with an original signature
What are my options once an account has reached its Regulation D limit?
You may make withdrawals and transfers in person, by mail, or at an ATM.
If an account used for overdraft protection has reached its Regulation D limit, will overdraft requests be honored?
No, if the overdraft protection account is a savings or club account. In that case, you will receive a notice by mail and incur an insufficient funds charge for every overdraft attempted beyond your monthly limit. However, if the overdraft protection account is a line of credit (which is not affected by Regulation D) the overdraft will complete normally.
I have authorized a merchant to automatically withdraw payments from my savings account or MMA; do these count against my monthly limit?
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 charge. 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 Bill Payer to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.