Regulation D Limits Electronic Transactions
Have you ever tried to make an electronic withdrawal or transfer* from your Savings account and been denied?
Federal Regulation D limits you to a maximum of six electronic withdrawals and transfers* from a Savings account during any calendar month. Any additional transfers must be made in person at a SEFCU branch. If you have other Savings shares (such as Owner's Choice Savings shares) that have not met the limit for the month you can transfer from that share. This regulation does not apply to Checking accounts so the number of transfers from a Checking account is not limited.
*Defined as a telephone, Automated Clearing House, bill payment, or home banking-initiated transaction. ATM, direct teller transactions, and account transfers to pay your SEFCU loans are not limited under Regulation D.