HFCU logo

Regulation D

Limitations on Savings Deposits Transfers and Withdrawals

 

A depositor may make no more than six covered transfers or withdrawals per calendar month or statement cycle. An institution may use a similar period of at least four weeks in lieu of either the calendar month or statement cycle.

No more than three of the covered transfers or withdrawals may be by check made by the depositor payable to third parties.

See below which transfers and withdrawals are covered (and therefore counted toward the limit) and which are not covered.

COVERED

Transfers and Withdrawals

 

Transfers or withdrawals made to another account of the depositor at the same bank, if made by:

• preauthorized transfer

• automatic transfer

• by telephone

(including those transmitted from a home computer and those automated using a touch-tone telephone)

 

 

Transfers or withdrawals to a third party, if made by:

• preauthorized transfer

• automatic transfer

• by telephone

(including those transmitted from a home computer and those automated using a touch-tone telephone)

 

 

Transfers to a third party, if made by:

• check

• draft

• debit card

• similar order made by the depositor and payable to third parties

(including those transmitted from a home computer and those automated using a touch-tone telephone)

Non-Covered

Transfers and withdrawals

 

Transfers for the purpose of repaying loans and associated expenses at the same bank;

 

 

Transfers from one account of the depositor to another account of the same depositor, if made by:

• mail

• messenger

• ATM

• in person

 

 

Withdrawals from the account [considered payments made directly to the depositor], if made by:

mail

• messenger

• ATM

• in person

 

 

Withdrawals made by telephone via check mailed to the depositor.

 

Transfers into the account.