Transaction Limitations on Savings Accounts (Also known as Regulation D)
What are the transaction limitations on savings accounts?
To comply with Federal Regulation D (also known as Reg D), all financial institutions are required to limit each Savings account to six electronic withdrawals and transfers during any calendar month.
Note: There are no monthly limits on the number of transfers or withdrawals made in person at a branch, at an ATM, or by mail. Additionally, there aren’t any limits to the number of account transfers that can be made to pay your SEFCU loans.
Transactions that are counted toward your Regulation D limit include:
• Telephone requests made through the Member Solutions Center or using DIAL, SEFCU’s automated phone banking service
• Automated Clearinghouse (ACH) transactions
• Bill payments
• SEFCU OnLine (online banking) and Mobile app transactions
• Transfers from shares to cover an overdraft in your Checking account
How to avoid Transaction Limitations on Savings Accounts (Regulation D)
• Open a SEFCU Checking account which allows unlimited transfers
• Use a Checking account for your Direct Deposit and all automatic transactions
• Monitor your Checking account regularly to reduce the number of overdraft transfers from your Savings account
• Pay recurring electronic bills, such as insurance premiums or gym memberships, from your Checking account. Find out more about SEFCU’s overdraft options.
Keep Track of Your Transfers/Transactions
From the Mobile app
Log into SEFCU’s Mobile app, click on your Savings account, and then click “Details.” Under “transfer usage stats” it will say “x of 6 used.”
Log into SEFCU OnLine, click on your Savings account, and then click “Account Details.” Under transfers it will say “x of 6 allowed transfers used.”
What Happens When You Reach Your Limit of Allowable Transfers?
When you have reached the allowable number of transfers for the month the counter in online banking will say, “You have met or exceeded your transfer limit for this account in the current month” and in the Mobile app will say “6 of 6 allowed transfers used.”
If you still have a transfer to conduct, you will need to visit a branch in person to complete it. Or, if it is not urgent and it’s near the end of the month, transaction limits will reset to six allowable transfers/withdrawals at the beginning of the next month.