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Federal Reserve Regulation D and how it affects savings accounts

As a federally insured credit union, Centra is legally required to enforce regulations set by the Federal Reserve Bank. We, at Centra, want to make sure our Members are aware of these regulations and the potential impact on your accounts. Remember, we are always here to offer information and help should you ever have any questions or concerns.

Regulation D is a federal regulation which places certain limits on the number of electronic transfers or electronic withdrawals members can make from their savings accounts. It affects all savings and money market accounts.

Regulation D allows for up to six (6) electronic withdrawals, overdraft protection transfers, electronic funds transfers/automatic withdrawals (EFT/ACH), telephone banking transfers or online banking / mobile banking transactions or transfers per month. Any transaction request that is received after you reach the limit of six (6) transfers or withdrawals is in violation of Regulation D requirements. The regulation does not limit transactions made in person, at an ATM, by mail, or by telephone request for a mailed check payable to the account holder. As of June 5, 2019 any electronic transaction attempted after the limit of six (6) is reached will be declined.

Once you have reached your Regulation D withdrawal or transfer limit, funds can no longer be electronically transferred from your affected savings account.

Regulation 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.

Regulation D can affect your ability to transfer funds using Centraphone or using Centra Online or Mobile Banking. After the sixth withdrawal or transfer, the only way to access your funds will be in person, by using an ATM or by a telephone request for a check to mailed to you.

Open a checking account if you do not have one with Centra. Centra provides various checking accounts tailored to your needs. Checking accounts have no limits on the number of transactions.

Use your checking account for most of your withdrawals and debits.

Move your direct deposit to your checking account and then move a portion of the deposit into your savings.

Keep more money in your checking account.

Set up all of your pre-authorized payments or automatic withdrawals; such as insurance payments, utilities payments, etc. (also referred to as EFT or ACH transactions) to be taken out of your checking account.

Set up your overdraft protection to access a line of credit instead of your savings account.

Limit transfers from your savings by making planned transfers in larger amounts instead of several small transfers.

Use an ATM to transfer funds within your account. These are not counted against the limit of (6) six transfers.

Use Centra Online or Mobile Banking to monitor your savings and checking accounts frequently, so you can plan your transfers and control the movement of your money.

Transfer excess funds from your checking account to your savings account after you verify it is not needed.

Withdrawals or transfers using Centra Online or Mobile Banking or through Centraphone or the Centra Contact Center (except check requests)

Electronic check or debit card transactions from a savings or money market account

Pre-authorized or automatic withdrawals or transfers (EFT/ACH transactions)

Overdraft protection transfers from a savings account to cover a transaction in a checking account

Any transaction done in person with a teller

ATM withdrawals and transfers

Transfers for making loan payments on your Centra Credit Union loans or credit cards

Checks requested by phone, payable to yourself

You are allowed up to six electronic transactions per month for EACH of your savings accounts. Example: If you have three savings accounts, each savings account can have up to six electronic transactions per month.

Once you have reached the six (6) electronic transactions in a calendar month, you will no longer be able to make further transfers/withdrawals from the affected account unless they are made in person at a Centra branch location, by mail or at Centra ATM.


Questions about regulation D?


Contact us, visit any Centra location, or make an appointment that works with your schedule.