Regulation D FAQs

 What is Regulation D?

Federal Regulation D places a MONTHLY limit on the number of transfers you make from your Savings Account or Money Market Accounts (MMAs) without your physical presence being required.  Transfers affected by this regulation therefore include:

• Transfers made using Online Banking
• Transfers made using Telephone Banking or over the phone transfers
• Overdraft transfers (made automatically to prevent Insufficient funds)
• Pre-authorized, automatic, scheduled or recurring transfers

You are allowed six (6) such transactions, per month, per account

• What transactions are not affected by Regulation D?
  • ATM transactions
  • Transfers made to AFCU loans
  • Transactions done in person
  • Transactions sent in by mail
  • AFCU Bill Pay (which uses funds from your checking account)

• If an account used for Overdraft Protection has reached its Regulation D limit, will overdraft requests be honored?

No, if the Overdraft Protection account is a Savings Account or MMA. In a month, if after the Sixth (6^th) overdraft attempts to clear an item–that item will be automatically returned as an Insufficient Funds item & you will incur an Insufficient Funds fee of $25.00 for every overdraft attempted beyond your monthly limit & you will receive a notification by mail.

• What are my options once an account has reached its Regulation D limit?

You may complete withdrawals and transfers in person or by mail.

• I have authorized a merchant to withdraw payments from my Savings Account or MMA-do these count against my monthly limit?

Yes.  These payments (which you might know as “ACH” or “EFT” transactions) following RegulationD limits.  Any withdrawals attempted beyond your monthly limit will not be  honored, you will be charged a $25.00 Insufficient funds fee & you will receive a notification by mail.

• How do I avoid these situations?

Make an automatic payment using something other than a Savings Account or MMA, such as a Checking Account.  Contact the merchant to arrange this change, & be aware that your request could take more than a month to go into effect.  Alternatively, consider using AFCU Bill Pay to automatically send payments, rather that authorizing the merchant to automatically withdraw payments.

•  When will these changes take effect?

These Regulation D requirements will take effect with your AFCU accounts effective December 1, 2013.If you have any questions regarding this information, please contact our office at 508-995-9100.