Federal Regulation "D" for depository institutions limits the number of certain withdrawals and transfers made from specific types of deposit accounts. As a result, certain kinds of transfers from TrueSaver, Secondary Share, and Personal Capital Money Market Accounts will be limited to 6 transactions per month, effective February 1, 2000.
If you exceed the federally-mandated limits, some transactions you expect to occur will not be processed, and some payments from your account may not be made. This includes any home banking transfers, or overdraft advantage.
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 is Regulation "D"?
Federal Regulation "D" is a complex regulation that places limits on the number of withdrawals and transfers from certain deposit accounts at depository institutions. 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.
Which Wright-Patt Credit Union Accounts Are Affected?
Regulation "D" limits certain withdrawals and transfers on TrueSaver, Secondary Share, and Personal Capital Money Market Accounts. Transactions on any of our Checking Accounts are not affected by Regulation "D".
Which Transactions are Limited?
The following transactions or combination of transactions are limited to 6 or fewer each month:
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Automatic payments made via the ACH system (also known as pre-authorized electronic funds transfers) from Secondary Share or TrueSaver and Personal Capital Money Market Accounts.
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Transfers to your other deposit accounts within Wright-Patt Credit Union.
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Transfers from Secondary Share or TrueSaver and Personal Capital Money Market Accounts made by telephone, including Call-24 transfers and fax requests.
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Transfers made from Secondary Share or TrueSaver and Personal Capital Money Market Accounts made via Internet Home Banking.
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Transfers from Secondary Share or TrueSaver accounts to a checking account to cover NSF checks.
Are All Transactions Limited?
No. The following transactions made from a Secondary Share, TrueSaver, or Personal Capital Money Market Accounts are unlimited:
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ATM transactions (made by Automated Teller Machine).
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Any in-person transactions.
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Any by-mail transactions.
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Transfers to any of your loan accounts at the Credit Union.
What Strategies Can I Use To Manage My Account Under the Regulation "D" Limits?
1. Do not authorize ACH withdrawals from your Credit Union Secondary Share Account, TrueSaver or Personal Capital Money Market Savings Accounts. Instead, set up ACH withdrawals from your WPCU Checking Account.
2. Set up overdraft protection from your Line-of-Credit as your primary overdraft source. Transfers from your Line-of-Credit are not regulated. Transfers from your TrueSaver Account to repay your credit union loans are also not regulated.
3. Balance your checking account regularly. This will help limit the number of NSF transfers from your TrueSaver Account.
4. Plan ahead to either stop by any WPCU Member Service Center or mail in any transfer requests you need to make. These two types of transfers are not limited.
5. Plan ahead to make one larger transfer instead of several small transfers. Each regulated transfer counts as one transaction, no matter what the size.
