Important Changes to your CSDCU Savings Account
We are required by Federal law to inform you about Federal Regulation D (Reg. D). Here are some frequently asked questions and answers about Reg. D:
What is Reg. D?
Reg. D places a monthly limit on the number of transfers you may make from your savings account without your physical presence being required. Transfers affected by this regulation include:
- Withdrawals or transfers using Online Banking
- Telephone transfers (through Money Line or over the phone with a CSDCU Member Service Representative)
- Pre-authorized or automatic withdrawals (EFT/ACH transactions) or transfers to either an account at another financial institution or to another CSDCU account
- Overdraft protection transfers from a savings account to cover a transaction in a checking account
You are allowed six (6) such transfers per month per account.
What transactions are not affected by Reg. D?
The following are not affected:
- Any transaction done in person at our office
- ATM withdrawals and transfers
- Transfers for making loan payments on your CSDCU loans or credit cards
- Transactions sent in by mail or put in the night drop with an original signature
- Checks requested by phone payable to yourself
What are my options?
Once an account has reached its Reg. D limit, you may complete withdrawals and transfers in person, by mail, or at an ATM.
If an account used for Overdraft Protection has reached its Reg. D limit, will overdraft requests be honored?
No. If the Overdraft Protection account is a savings account. In that case, you will receive a notice by mail and may incur an "Insufficient Funds" charge for every overdraft attempted beyond your monthly limit.
I have authorized a merchant to automatically withdraw payments from my savings account; do these count against my monthly limit?
Yes. These payments (which you might know as "ACH" or "EFT" transactions) follow Reg. D limitations. Any withdrawals attempted beyond your monthly limit will not be honored and you will receive a notice by mail and may incur an "Insufficient Funds" charge.
What can I do to avoid Reg. D limits?
- Send your direct deposit to a CSDCU checking account – not a savings account. You can transfer money from your checking account to your savings account without limits or fees because checking accounts are not subject to Reg. D.
- Limit transfers from your savings by making planned transfers in larger amounts instead of several small transfers.
- You can apply online for an Overdraft Line of Credit. Once approved, you can elect to have overdrafts from the line of credit first then your savings account.