Regulation D (Reg D) FAQs

Q: Why are we limiting transactions?

A: We are limiting transactions from Primary Savings, Special “4”, Money Market, and/or Club account to comply with the Federal Regulation D standards.

Q: What is Reg D?

A: Reg D is a federal regulation that places a monthly limit on the number of withdrawals or transfers you may make from your non-transactional account Primary Savings, Special “4”, Money Market, and Club to six withdrawals or transfers per account per month.

Q: What type of transactions count as a Reg D “Convenience” withdrawal or transfer that is affected by Reg D?

A: The withdrawals or transfers affected by are:

  • GoTime Banking
  • Mobile Banking
  • Transfers made by a Member C.A.R.E. Representative on your behalf
  • Automated Phone Teller
  • Fax
  • Check payable to 3rd parties
  • Pre-authorized, automatic, scheduled or recurring transfers (ACH)

Q: What are non-transactional accounts?

A: A non-transactional account is any Primary Share, Special “4”, Money Market or Club account.

Q: What is the purpose of Reg D?

A: The purpose of Reg D is to regulate the level of reserves a financial institution maintains. The required reserve amount for each financial institution is based on the balances it has in its transactional accounts, such as a checking account.

Q: What does Reg D mean for me and when?

A: After January 1, 2016 any Reg D transaction over the six “convenience” transactions during the month will be denied.

Q: What transactions are NOT affected by Reg D?

A: The transactions that have no withdrawal or transfer restrictions are:

  • Transactions done from a checking account
  • ATM cash withdrawals
  • In person transactions at one of our branches
  • Mailed in withdrawals or transfers
  • Transfers made to a Tulsa FCU loan
  • Transfers or withdrawals by mail

Q: What are my options once an account has exceeded the Reg D limit? (six withdrawals/transfers per month per account)

A: You can complete withdrawals and transfers in person at one of our branches, by mail or at an ATM.

Q: If I have multiple non-transactional accounts am I limited to six for each account or six for both accounts total?

A: Each month you are permitted six transfers per each non-transactional account

Q; When does the Reg D transaction counters reset to zero?

A: The number of transfers or withdrawals will reset back to zero at the beginning of each month.

Q: I have authorized a merchant to automatically withdraw payments from my Primary Savings, Special “4”, Money Market, and Club; do these count against my monthly limit?

A: Yes. These payments do apply towards Reg D limitations. Any withdrawals attempted beyond your monthly limit will not be honored. To avoid this situation, make these automatic payments using a checking account.

Option A if you already have a checking account: You will need to contact the merchant to arrange the automatic payments to be withdrawn from your checking account, and be aware that your request could take more than a month to go into effect. Alternatively, you could consider using Bill Pay through GoTime Banking to automatically send payments using your checking account to the merchant with no delay rather than authorizing the merchant to automatically withdraw payments.

Option B if you do not have a checking account: A representative can help you set up a checking account today. Once your new checking account is set up, you can contact the merchant to arrange the automatic payments to be withdrawn from your checking account, but be aware that your request could take more than a month to go into effect. Alternatively, you could consider using Bill Pay through GoTime Banking to automatically send payments from your checking account to the merchant with no delay rather than authorizing the merchant to automatically withdraw payments.

Q: I do not want my direct deposits going into my checking account; what should I do?

A: You could still have your direct deposits go into your savings account each month and then make a large transfer of the funds to your checking account. Just make sure to limit the transfer from your savings account to your checking account. Anything over 6 will be denied. Then make withdrawals and transfers from your checking account which has no limit on transactions.

Q: How do I avoid the Reg D limitations?

A: You may use your checking account, mail your withdrawal or transfer, visit us in person at one of our branches, or withdraw cash at an automated teller machine (“ATM”). These transactions are unlimited; along with transfers made to a Tulsa FCU loan you may have with us.

Option A if you already have a checking account: You will need to contact the merchant to arrange the automatic payments to be withdrawn from your checking account, and be aware that your request could take more than a month to go into effect. Alternatively, you could consider using Bill Pay through GoTime Banking to automatically send payments to the merchant with no delay rather than authorizing the merchant to automatically withdraw payments.

Option B if you do not have a checking account: A representative  can help you set up a checking account today. Once you are set up, you can contact the merchant to arrange the automatic payments to be withdrawn from your checking account, and be aware that your request could take more than a month to go into effect. Alternatively, you could consider using Bill Pay through GoTime Banking to automatically send payments to the merchant with no delay rather than authorizing the merchant to automatically withdraw payments.