PFCU strives to accommodate all members' requests for transfers from one account to another. Our goal is to provide members with as many tools and flexibility as possible to accomplish their personal financial objectives. There are rare occasions when the laws applicable to the operation of this credit union conflict with member banking behaviour. On those occasions, PFCU must abide by the law and enforce the industry regulation.
Regulation D, often referred to as Reg D, is a federal regulation that limits the number and type of withdrawals from Savings or Money Market Accounts (which are considered to be non-transaction accounts) to six per calendar month (per account).
These limits aren’t unique to accounts at PFCU. All depository institutions—including commercial banks, savings banks, credit unions, and more—are subject to Regulation D. The credit union is required to take action on these accounts when withdrawals go beyond the six per month. Regulation D does not limit deposits, ATM transactions or transactions made in person.
Effective January 1, 2019 share/savings accounts will be structured in the following way to ensure compliance with Regulation D.