What is Regulation D?
Federal Regulation D places a monthly
limit on the number of transfers you may make from your
Savings Accounts or Money Market Accounts (MMAs) without
your physical presence being required. Transfers
affected by this regulation therefore include:
- Transfers made using Online
- Transfers made using Telephone
- Overdraft transfers (made
automatically to cover insufficient funds in other
accounts; see below)
- Transfers made by a Member
Service Representative on your behalf
- Pre-authorized, automatic,
scheduled or recurring transfers (see below)
You are allowed six such transfers per
month, per account.
What transactions are not affected
by Regulation D?
- ATM transactions.
- Transfers made to NTFCU loans.
- Transactions done in person at a
financial center (including shared financial
- Transactions sent in by mail,
Express Drop, or Night Drop with an original
- NTFCU Bill Pay (which uses funds
from your checking account)
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?
No, if the Overdraft Protection
account is a Savings Account or MMA. In that case, you
will receive a notice by mail and incur an Insufficient
Funds change for every overdraft attempted beyond your
monthly limit. 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
I have authorized a merchant to
automatically withdraw payments from my Savings Account
or MMA; 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 change.
To avoid this situation, make automatic payments using
something other than a 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 NTFCU Bill Pay to automatically send payments from
your NTFCU checking account to the merchant, rather than
authorizing the merchant to automatically withdraw