What is Reg D?
As you may know, Regulation D (Reg D) has been a hot topic here at Delta Community Credit Union, as well as with other financial institutions in recent years. It sets the limit on the number and type of withdrawals from Savings, Additional Savings or Money Market Accounts to six per month. These withdrawal types include overdrafts to cover debit card transactions and personal checks, recurring scheduled transfers, official checks issued in Online Banking and IVR/Online Banking transfers.
New Reg D Policy
Effective May 1, 2013, debit card overdrafts from Savings, Additional Savings or Money Market Account will be included in the six withdrawals permitted under Reg D. As a result, debit card transactions that attempt to draw from these accounts when there are insufficient funds in checking — beyond the six permitted each month — will be denied, unless you set up other forms of overdraft protection.
Ways to Avoid Reg D Withdrawal or Transfer Limits
If you find that you will be impacted by this change, you can help avoid the possibility of debit card transactions being denied by adding additional methods of overdraft. They can include other savings accounts as well as loan products, such as personal lines of credit and Visa® loans. Additionally, account transfers made at any Delta Community Credit Union branch location or via an ATM will not be counted toward the Reg D transfer limit of six per month.
Want To Know More?
Want more information? View Frequently Asked Questions regarding Reg D and how it affects your accounts at Delta Community Credit Union.
Please be sure to check back regularly for updates and more information regarding Reg D and other important rules as we want to keep you educated on matters that affect your financial well-being.