Understanding Reg D

Regulation D (Reg D) FAQs

1. What is Reg D?

Reg D is a federal regulation that places a monthly limit on the number of withdrawals/transfers allowed from all types of savings accounts. The regulation allows up to six (6) total withdrawals/transfers from an affected account per month without your physical presence being required. The six (6) allowable transactions can be any combination of withdrawals and transfers.

2. What SFCU accounts are affected by Reg D?

• Primary Membership Savings Accounts
• Secondary Savings Accounts
• Money Market Accounts
• Christmas Club Accounts

3. What transactions are subject to Reg D?

• Online and phone transfers from an affected account
• Preauthorized, automatic, scheduled, or recurring withdrawals or transfers from an affected account
• Transfers to another member’s account from an affected account
• Overdraft transfer to a checking account from an affected account
• Purchases made with an ATM/Debit card from an affected account

4. What transactions are not affected by Reg D?

• Withdrawals, transfers and deposits made at an ATM
• Withdrawals, transfers and deposits completed in person at a SFCU branch location
• Transfers from an affected account to a loan account
• Deposits into an affected account

5. What happens when the Reg D limit is reached for a month?

Once you have reached the six (6) allowable transactions in a month, you will not be allowed to make further transfers/ withdrawals from the affected account unless they are made in person at a SFCU branch location or through an ATM. Transactions attempted through any other means will be declined.

6. How can I manage my accounts to avoid Reg D limits?

• Instead of making several small transfers, make one large transfer to cover your funding needs.
• Visit a branch or ATM location to make withdrawals or transfers since these transactions are not part of the regulated six (6) transactions.
• Use your checking account for preauthorized withdrawals or purchases. Don’t have a Southeast Financial checking account? Learn more about our checking accounts, then visit any branch or call us at 615-743-3700 or 800-521-9653 to apply.