Regulation D

Regulation D FAQ

What is Regulation D?

Federal Regulation D (Reserve Requirements) places a monthly limit on the number of transfers you may make from your Savings, Money Market, IRA, Christmas Club, Vacation Club, and Regular Kids/Teen Club accounts when these transfers are not made in person at the credit union or at an ATM. Transfers affected by this regulation therefore include:

  •       • Transfers made using Internet Banking
  •       • Transfers made using Telephone Banking
  •       • Overdraft transfers (made automatically to cover insufficient funds in other accounts; see below)
  •       • Transfers made by a Member Service Representative on your behalf via telephone
  •       • Pre-authorized, automatic, scheduled or recurring transfers (see below)

You are allowed six such transfers per month, per account.

What transactions are not affected by Regulation D?

  •        • ATM transactions.
  •        • Transfers made to First Ohio CFCU loans.
  •        • Transactions made in person at a branch (including shared branches).
  •        • Transactions sent in by mail with an original signature
  •        • First Ohio CFCU Bill Pay (which uses funds from your checking account)

What are my options once an account has reached its Regulation D limit?

You may complete withdrawals and transfers in person, by mail, or at an ATM.

If an account used for Overdraft Protection has reached its Regulation D limit, will overdraft requests be honored?

No, the request will not be completed if the Overdraft Protection account is a Savings Account or Club. In that case, you will receive a notice by mail and incur an Insufficient Funds charge for every overdraft attempted beyond your monthly limit.

I have authorized a merchant to automatically withdraw payments from my Savings Account; do these count against my monthly limit?

Yes. These payments (which you might know as “ACH” or “EFT” transactions) follow Regulation D limitations. Any withdrawals attempted beyond your monthly limit will be honored if the funds are available however you will incur an Insufficient Funds charge. To avoid this situation, make automatic payments using something other than a Savings Account or Club such as a Checking Account. Contact the merchant to arrange this change, and be aware that your request could take more than a month to go into effect.