Regulation D


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.

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).

Reg D restricts the number of certain types of transfers to six per month. These transfers generally are from savings to checking.  Once six of these transfers from the savings account have been done, Reg D will not allow any additional automatic, telephone or online type transfers for the remainder of the month. Subsequent telephone and electronic transfer requests from savings will be denied, and automatic overdraft protection will be suspended.

Reg. D can affect your overdraft protection. After the sixth electronic withdrawal or transfer, your savings account will not be available for further overdraft protection. This may cause checks to be returned unpaid and fees to be charged to your checking account.

No more than 6 covered transactions can be conducted through a share savings account in any month. The following transactions are limited under the Regulation;

Limited Transactions –No more than 6 per month from any savings or money market account

  • Online banking transfers
  • Automatic transfers to another account at PFCU
  • Automatic transfers to a third party
  • ACH withdrawals
  • Phone transfers

The following transactions are not covered and ARE NOT limited by the Regulation:

Unlimited Transactions

  • Deposits
  • Withdrawals or transfers made at an ATM
  • Withdrawals or transfers made in person
  • Payments on loans with PFCU

Once you reach 6, all ‘limited’ transactions will be rejected and subject to the Credit Union's NSF fee and possibly the other institution's fee (debit card transactions are not guaranteed and can be denied if there not enough available funds in the checking account).

Regulation "D" limits the number of transactions made from Non-Transaction Accounts to Transaction Accounts because of the reserve requirements. A loan is not a Transaction Account and is therefore not affected by Regulation "D".

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, Be sure to make automatic payments using something other than a savings account or money market 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.

  • Plan your budget and transactions in order to make one or two large withdrawals or transfer to cover your bills per month
  • Consider using your checking account to pay regular bills.  You can make unlimited transactions from your checking account.
  • Consider using online bill payment to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.