Regulation D Governs Transfers & Withdrawals from Savings Accounts
posted on Thursday, May 30, 2019 in Personal Banking
As a reminder, our Excessive Share Withdrawal Fee (originally launched on March 1, 2019) will be re-activated on June 1, 2019. Withdrawals, automatic transfers, or payments out of a savings account in excess of six (6) per calendar month will incur a fee of $3.00 per withdrawal, with a $3.00 maximum per day.
Regulation D is a federal regulation with which all federally-insured financial institutions must comply. It places limits on the type and number of withdrawals or transfers per month from non-transaction accounts such as share savings and money market accounts. Checking accounts are considered transaction accounts and are not subject to Regulation D.
Transactions covered under Regulation D are limited to six (6) per month. The chart below identifies which transactions are covered under Regulation D.
If you have any questions about Regulation D or our Excessive Share Withdrawal Fee, please contact us.