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Federal Regulation
D
IAM Community Federal Credit Union is required by the Federal
Reserve Board (FRB) to limit the number of electronic withdrawals
or transfers that a member can make from each savings account.
There is no minimum amount you may withdraw. Pursuant to
Regulation D, during any one calendar month, you may not make
more than six withdrawals or transfers to another credit union account of yours
or to a third party by means of a preauthorized or
automatic transfer or telephonic order. After the sixth electronic withdrawal or
transfer, your savings account will not be available
for further overdraft protection. This may cause checks to be returned
unpaid and fees to be charged to your checking account.
You are limited to 6 of the following transfers or
withdrawals, in any combination within the period of one calendar month:
Electronic
transfers or withdrawals from savings (HFS, Telephone Teller)
Electronic third
party withdrawals, such as utility bills or insurance premiums
Overdraft
transfer from your savings to your checking
There is no limit to the following transactions:
ATM transactions
In person
transactions
Mail transactions
request
Line of Credit
transfers to checking (overdraft protection)
Transfers to make
loan payments on your IAMCFCU loans
These restrictions do not apply to your checking accounts.
You may make unlimited transfers and withdrawals from your
checking accounts.
Tips to avoid Red D limits:
Set up all of
your pre-authorized payments or automatic withdrawals; such as insurance
premiums, health club dues, etc.
(also referred to as EFT or ACH transactions) to be taken out of your checking
account
Set up your
overdraft protection to access your line of credit instead of your savings
account
Limit transfers
from your savings, by making planned transfers in larger amounts instead of
several smaller transfers
Use an ATM to
transfer funds within your account. Remember, these are not counted as Reg D
transfers
Use HFS (online
banking) or Telephone Teller to monitor your savings and checking accounts
frequently, so you can
plan your transfers and control the movement of your money
Because
Regulation D is a directive of the Federal Government, IAMCFCU must refuse any
transactions that are not in
compliance with Regulation D.
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