What is Reg D?
Regulation D limits the number of certain types of transactions on all savings and money market accounts. In other words, all financial institutions are required by regulation to treat all types of transactions differently than a checking account. Savings accounts (non-transaction accounts) are intended to be established for long-term savings with few withdrawals while checking accounts (transaction accounts) are intended to be established for day-to-day use. Checking accounts do not fall under Reg D and there is no monthly limit to automated transfers or withdrawals on them, so this notice does not apply to checking accounts.
Each Southeast Financial savings or money market account is allowed no more than six (6) “Reg D” withdrawals per calendar month from a savings/money market account.
Important Notice: On April 24, 2020, the Federal Reserve Board announced an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from savings accounts. The interim final rule allows financial institutions to immediately suspend enforcement of the six transfer limit and to allow their members/customers to make an unlimited number of convenient transfers and withdrawals from their savings accounts at a time when financial events associated with the coronavirus pandemic have made such access more urgent. We have removed the limit and will update you with any changes.