The Federal Reserve Board’s Regulation D (or “Reg D”) applies to all financial institutions that offer savings or money market accounts. The regulation limits the number of transfers or withdrawals that can be made from a savings or money market account during the course of a calendar month, depending on the method you use to make the withdrawal or transfer. For transfers or withdrawals made by phone through our Member Contact Center, by check, by transfers made electronically through online banking, telephone banking, or at a point-of-sale with a debit card, you are limited to six (6) withdrawals per month. You can make unlimited withdrawals in person at a branch, by mail, or through an ATM, as transfers or withdrawals made through those channels are NOT subject to Reg D. In addition, there are no limits on deposits or transfers IN to a savings or money market account, regardless of the transfer method, nor are there any limits on transfers to or from a checking account.
Online Banking helps you keep track of your transfers subject to Reg D. If you go to the Transfer Funds menu and select a savings or money market account as the “From” account, you will see a message at the bottom of the screen that tells you how many Reg D transfers have been made so far this month, and reminds you that the maximum is 6. If you are using the “Make a transfer” button on the home page and select a savings or money market as the “From” account, you will see a message that says “x transfers allowed”, where “x” is the number of transfers you have left for the month. As you make additional transfers, that number will go down.
Once you have made six transfers or withdrawals subject to Reg D during the course of the month, no more Reg D transfers or withdrawals will be allowed until the beginning of the next month. Of course, since in-person withdrawals and ATM withdrawals are not subject to Reg D, you can make an unlimited number of withdrawals or transfers using those channels.
Please Note: For purposes of Reg D, a Money Market Checking Account is treated as a savings account, and is subject to Reg D limits.