Regulation D FAQs

Regulation D FAQs

What is Regulation D?

Federal Regulation D places a monthly limit on the number of transfers you may make from your Savings Accounts without your physical presence being required. 

What transactions are affected by Regulation D?

  • Transfers made using Online Banking
  • Overdraft transfers (made automatically to cover insufficient funds in other accounts; see below)
  • Transfers made by a Member Service Representative on your behalf (including telephone transfers)
  • Pre-authorized, automatic, scheduled or recurring transfers

You are allowed six such transfers per month, per account.

What transactions are NOT affected by Regulation D?

  • ATM transactions.
  • Transfers made to FASNY FCU loans.
  • Transactions done in person at a branch (including shared branches).
  • Transactions sent in by mail with an original signature

What are my options once an account has reached its Regulation 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 Regulation D limit, will overdraft requests be honored?

  • Yes, if the Overdraft Protection account is a Savings Account. However, if the Overdraft Protection account is a Line-of-Credit loan (which is not affected by Regulation D) the overdraft will complete normally. To apply for a Line-of Credit loan, apply online or contact us.

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 Regulation D limitations. Any withdrawals attempted beyond your monthly limit will be honored, and you will incur an Excess Share Transfer Fee. To avoid this situation, make automatic payments using something other than a Savings Account, 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 Bill Pay to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.