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Regulation D

Limited Transfers from Savings Disclosure

RESTRICTIONS NECESSARY ON TRANSFERS OR WITHDRAWALS FROM CREDIT UNION SAVINGS ACCOUNTS TO KEEP THE ACCOUNTS FROM BEING CLASSIFIED AS TRANSACTION ACCOUNTS:

Up to six withdrawals or transfers permitted per month when:

  • Made by telephone, fax, or personal computer and payable to a third party
  • Made by telephone, fax, or PC  to another account of the member at the credit union
  • Made by preauthorized, automatic, or bill-payment arrangement for transfer to the member's other account(s) at the credit union or to a third party

Unlimited withdrawals permitted when:

  • Made in person
  • Made by messenger
  • Made by a letter request (considered the functional equivalent of the member coming into the credit union)
  • Made by telephone, fax, or PC, if a check payable to the member is mailed to the member
  • Made using an ATM

Unlimited transfers permitted when:

  • Made between the accounts of the same member AND made in person, by messenger, by mail or at an ATM
  • Made by the member to pay a loan the member has with the credit union
 
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