What transactions are not affected by Reg D?
- ATM cash withdrawals & transfers
- In-person withdrawals & transfers
- Any transaction from a checking account which does not necessitate an overdraft transfer from a savings account
- Transfers to make Southeast Financial loan payments
- Overdraft protection for a checking account made from a line of credit
- Withdrawal or transfer requests made by mail if made payable to and mailed to the member
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.