Reg D and Me
If you have a savings or money market account, you may already be familiar with monthly transaction limits under Reg D, a federal regulation that all financial institutions are required to adhere to. Under Reg D, certain savings account transactions are limited to six per calendar month. Transactions subject to Reg D exceeding this limit may be declined. Opening a checking account is the easiest way to say goodbye to Reg D transaction limits. Use the chart below to see the differences and determine whether a checking account is the right choice for you. When you’re ready to open your account, it’s easy to apply in branch, online, and on our mobile app. We’ve even restructured our eligibility requirements to make it easier to qualify!
|Transaction Type||Savings Account||Checking Account|
|Point of Sale (POS) - Payments using a debit card at a merchant location or online (e.g., gas station, Amazon.com, etc.)||Limited*||Unlimited**|
|Audio Response & Online - Transfers from a savings account to another savings or checking account using PAL or Online Banking||Limited||Unlimited|
|ACH Debits - A pre-authorized payment from a savings account to pay a third-party item (e.g., auto insurance, electric bill)||Limited||Unlimited|
|Telephone Transfers - A request made by phone to transfer from a savings account||Limited||Unlimited|
|Overdraft Protection - Transfers made from a savings account to a checking account to cover an item, such as a check, preauthorized debit, or a transaction initiated at an ATM or POS||Limited||Unlimited|
*Savings Accounts: Reg D limits the number of the transaction types listed to six (6) within a calendar month. Transactions made in-person, via ATM, by mail, or for the purpose of making payment on a Southeast Financial loan are unlimited up to your available balance. **Checking Accounts: Transactions are unlimited up to your available balance.