REGULATION "D" ACCOUNT LIMITATIONS
In order for Fort Worth Telco Credit Union to stay in compliance with the federally-mandated Regulation "D" Account Limitations, we must impose the following guidelines on all Share and Deposit Accounts.
Federal Regulation "D" for depository institutions limits the number of certain withdrawals and transfers made from specific types of deposit accounts. As a result, certain kinds of transfers from Share and Deposit Accounts will be limited to 6 transactions per month; this has been in effective since February 1, 2000
If you exceed the federally-mandated limits, some transactions you expect to occur will not be processed, and some payments from your account may not be made. This includes any home banking transfers or overdraft advantage; as a result you may incur a service fee charge on your account.
What is Regulation "D"?
Federal Regulation "D" is a complex regulation that places limits on the number of withdrawals and transfers from certain deposit accounts at depository institutions. This regulation can prevent checks from clearing your account. Please take a moment to review important information regarding these limits which may affect your accounts.
Which Fort Worth Telco Credit Union Accounts Are Affected?
Regulation "D" limits certain withdrawals and transfers on Share and Deposit Accounts. Transactions on any of our Checking Accounts are not affected by Regulation "D".
Which Transactions are Limited?
The following transactions or combination of transactions are limited to 6 or fewer each month:
- Automatic payments made via the ACH system (also known as pre-authorized electronic funds transfers) from Share or Deposit Accounts.
- Transfers to your other deposit accounts within Fort Worth Telco Credit Union.
- Transfers from Share or Deposit Accounts made by telephone, including Audio Response transfers and fax requests.
- Transfers made from Share or Deposit Accounts made via Internet Home Banking.
- Transfers from Share or Deposit Accounts to a checking account to cover NSF checks.
Are All Transactions Limited?
No. The following transactions made from Share or Deposit Accounts are unlimited:
- ATM transactions (made by Automated Teller Machine).
- Any in-person transactions.
- Any by-mail transactions.
- Transfers to any of your loan accounts at the Credit Union.
What Strategies Can I Use To Manage My Account Under the Regulation "D" Limits?
- Do not authorize ACH withdrawals from your Credit Union Share or Deposit Accounts. Instead, set up ACH withdrawals from your Fort Worth Telco Credit Union Checking Account.
- Set up overdraft protection from your Line-of-Credit as your primary overdraft source. Transfers from your Line-of-Credit are not regulated. Transfers from your Share or Deposit Account to repay your credit union loans are also not regulated.
- Balance your checking account regularly. This will help limit the number of NSF transfers from your Share or Deposit Accounts.
- Plan ahead to either stop by Fort Worth Telco Credit Union or any of our Shared Member Service Centers or mail in any transfer requests you need to make. These two types of transfers are not limited.
- Plan ahead to make one larger transfer instead of several small transfers. Each regulated transfer counts as one transaction, no matter what the size.
