When a member hits 6 electronic transfers (via online banking, telephone teller or over the phone) from savings to checking they will not be able to do any more online transfers out of the savings until the 1st of the upcoming month.
In order to move funds from the savings suffix account after the member has hit Reg D they must visit a branch or ATM. Reg D exceptions over phone must be approved by a manager.
Examples of what does/does not count towards Reg D:
Does Count:
- Online banking transfers
- ACH transactions
- Overdraft transfers
Does Not Count:
- ATM Transfers or Withdrawal
- Internal loan payment transfers
- Deposits of any sort
- Branch Transfers or Withdrawal
Ways for members to avoid this:
-Apply for an OD LOC to avoid overdraft transfers from the savings account
-Setup a MyAlert to monitor balances