What is Reg D?
The Federal Reserve Board's Regulation D places limits on the number of withdrawals and transfers from certain deposit accounts at depository institutions. It defines the types and number of transactions that can be performed on non-transaction accounts such as savings, money market and certificate accounts.
This regulation can prevent checks from clearing your account. Please take a moment to review important information regarding these limits which may affect your accounts.
How does Reg D affect me?
In any given month, you are limited to no more than 6 pre-authorized, automatic or telephone transfers from your Global Advantage High Yield Money Market account to any other account or to a third party. No more than 3 of these 6 transfers can be made by check or draft to a third party.
What types of transactions count toward the 6 transfer limit per calendar month?
Any transfers made through the following methods:
What types of transactions are NOT restricted?
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Transfers and withdrawals that you make in person
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Transfers and withdrawals that you do through the mail
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Automatic transfers for the purpose of paying a Global Credit Union loan
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eBranch check withdrawals that are payable to you
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Requests by telephone where a check is made payable to you
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Transfers and withdrawals made at ATMs (if available)
What happens if I go over the limit?
If you exceed the federally-mandated limits, some transactions you expect to occur may not be processed, and some payments from your account may not be made. Your accounts may be subject to closure and you may incur a fee. In many cases, it is possible to re-structure your accounts so that the federal regulations governing transaction limits do not restrict any payments from your accounts.
What can I do to make sure I do not exceed the limit?
Here are some suggestions:
