> Answer: Federal Regulation D places a monthly limit on the number of transfers you may make from your share savings accounts or money market accounts (mmas) without your physical presence being required. Transfers affected by this regulation therefore include:
- transfers made using online banking
- transfers made using tel-r-line
- overdraft transfers (made automatically to cover nonsufficient funds in other accounts; see below)
- transfers made by a call center representative on your behalf
- pre-authorized, automatic, scheduled or recurring transfers (see below)
- you are allowed six such transfers per month, per account.
QUESTION: What transactions are not affected by Regulation D?
> Answer: The following transactions are not affected by Regulation D:
- atm transactions
- transfers made to NACCU loans.
- transactions done in person at a branch (including shared branches)
- transactions sent in by mail, express drop, or night drop with an original signature
- NACCU bill payer (which uses funds from your checking account)
QUESTION: What are my options once an account has reached its Regulation D limit?
> Answer: You may complete withdrawals and transfers in person, by mail, or at an atm.
QUESTION: If an account used for overdraft protection has reached its Regulation D limit, will overdraft requests be honored?
> Answer: No, if the overdraft protection account is a share savings account or mma. In that case, you will receive a notice by mail and incur a nonsufficient funds change for every overdraft attempted beyond your monthly limit.
QUESTION: I have authorized a merchant to automatically withdraw payments from my savings account or mma; do these count against my monthly limit?
> Answer: Yes. These payments (which you might know as "ACH" or "EFT" transactions) follow Regulation D limitations. Any withdrawals attempted beyond your monthly limit will not be honored, and you will receive a notice by mail and incur a nonsufficient funds charge. to avoid this situation, make automatic payments using something other than a share savings account or MMA, such as a checking account. Contact the merchant to arrange this change, and be aware that your request could take more than a month to go into effect. Alternatively, consider using NACCU bill payer to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.
