Regulation D

Frequently Asked Questions (FAQs)

What is Regulation D (Reg D)?

    Reg D is a federal regulation that limits the number and type of withdrawals from Savings, Additional Savings or Money Market Accounts to six per month (per account).

How does Reg D affect my account?

    If you have a HFCU Savings or Money Market Account and frequent withdrawals are made from any one of those accounts to cover overdrafts from your Checking Account, Reg D withdrawal limits could possibly result in denied debit card transactions on your account.

When does the Reg D counter reset?

    The Reg D counter resets at the beginning of each month, bringing the debit card counter and the ACH/Draft counter back to zero.

What types of transactions are counted toward the 6 (six) transfers permitted each month?

    The types of transactions that count toward the 6 (six) transfers permitted each month under Reg D include:

      · ACH transfers from a Savings or Money Market Account to another Financial Institution or third party for payment by means of a preauthorized or automatic transfer, telephone agreement, order or instruction (e.g. IVR Telephone Banking or Online Banking, etc.).

      · Withdrawal checks issued from a Savings or Money Market Account via IVR Telephone Banking /Online Banking when made payable to a third party

      · IVR Telephone Banking /Online Banking transfers from a Savings or Money Market Account to any other HFCU Account

      · Automatic transfers from a Savings or Money Market Account to cover checks, ACH, or EFT (overdraft protection)

      · Checking Account debit card transactions which oOverdraft from a Savings or Money Market Account when funds in the Checking Account are insufficient.

      · Recurring scheduled transfers from a Savings or Money Market Account to any other HFCU Account.

    What types of transactions are not counted toward the 6 (six) transfers permitted unlimited each month?

      The types of transactions that are not counted toward the 6 (six) transfers permitted each month under Reg D include:

      · Withdrawal checks issued via IVR Telephone Banking/Online Banking when made payable to the member and mailed to the member

      · Any transfer for the purpose of repaying a HFCU loan

      · Transfers among accounts of the same person when made by mail, ATM or in person

      · Check Card transactions that don’t trigger overdrafts from Savings or Money Market Accounts

    How can I make a transfer if I have exceeded Reg D?

      To make a transfer after Reg D has been exceeded, you can:

      · Transfer the money at an ATM

      · Complete the transaction in person with a teller

    If I have two Savings Accounts am I limited to 6 transactions for each account or 6 in total for both?

      Each month you are permitted six transfers from each Savings Account.

    Do ATM transfers from Savings and Money Market Accounts count toward Reg D?

      No, ATM transfers will not count toward Reg D.