Federal Regulation D is a government directive that limits the number of withdrawals and transfers that can be made from a savings or money market account. These types of accounts are limited to six withdrawals per month for the following transaction types:
· Automated Clearing House (ACH) or fund transfers
· Telephone banking or calls to the member contact center
· Transfers by fax
· Online Banking transfers
Withdrawals or transfers among accounts of the same person at the same credit union are not included in the six-transfer limit when they are made:
· In-person at a branch
· By mail
· Via ATM (if the ATM provides a transfer function)
· By telephone, if a check is mailed to you
It is important to note that any check presented against a money market account will be returned unpaid if the account has reached its six-transfer limit for the month. This limit also includes transfers due to Overdraft Transfer services for members who have enrolled.