Regulation D Questions and answers:

1. 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. Transfers affected by this regulation therefore include:

  • Transfers made using Online Banking 
  • Transfers made using Telephone Banking 
  • Overdraft transfers (made automatically to cover insufficient funds in other accounts will incur a $1.00 overdraft fee). 
  • Transfers made by a Member Service Representative on your behalf 
  • Pre-authorized, automatic, scheduled or recurring transfers 
  • You are allowed six such transfers per month, per account. 

2. What transactions are not affected by Regulation D? 

  • ATM transactions. 
  • Transfers made to SRNYFCU loans. 
  • Transactions done in person at a branch. 
  • Transactions sent in by mail with an original signature. 
  • Self Reliance NetTeller Bill Pay (which uses funds from your checking account). 

3. 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. 

4. If an account used for Overdraft Protection has reached its Regulation D limit, will overdraft requests be honored? 

No. The Overdraft Protection account is a Savings Account, therefore, you will receive a notice by mail and incur an Insufficient Funds fee ($10.00) for every overdraft attempted beyond your cumulative (as listed in #1 above) monthly limit of six. 

5. 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 not be honored, and you will receive a notice by mail and incur an Insufficient Funds fee ($10.). To avoid this situation, make automatic payments using your Share Draft (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 Self Reliance New York FCUNetTeller Bill Pay to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.