Regulation D Frequently Asked Questions

Federal Regulation D places a monthly limit on the number of transfers you may make from your primary share Savings Accounts or Money Market Accounts (MMAs) without your physical presence being required. Transfers affected by this regulation therefore include:

  • Transfers made using Online Banking.
  • Transfers made using Telephone Banking.
  • Overdraft transfers (made automatically to cover insufficient funds in other accounts; see below).
  • Transfers made by a Member Service Representative on your behalf.
  • Pre-authorized, automatic, scheduled or recurring transfers (see below).

 

You are allowed six such transfers per month, per account. Please see the ‘What transactions can I do?’ box above for additional explanation.

  • ATM transactions.
  • Transfers made to East Idaho Credit Union loans.
  • Transactions done in person at a financial center.
  • Transactions sent in by mail, Express Drop, messenger, or Night Drop with an original signature.
  • EICU Bill Pay (which uses funds from your checking account).

You may complete withdrawals and transfers in person, by mail, or at an ATM.

No, if the Overdraft Protection account is a Savings Account or MMA. In that case, you may incur a Nonsufficient Funds charge (NSF) for every overdraft attempted beyond your monthly limit. However, if the Overdraft Protection account is an Overdraft Loan (which is not affected by Regulation D) the overdraft will complete normally. To apply for an Overdraft Loan, apply online or contact us.

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, and you may incur a Nonsufficient Funds change. To avoid this situation:

  • Make automatic payments using something other than a Savings Account or MMA, such as a checking account or Overdraft Loan.
  • Contact the merchant to arrange this change, and be aware that your request could take more than a month to go into effect.
  • Alternatively, consider using EICU Bill Pay or your EICU VISA® debit/credit card to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.
Unlimited Withdrawals Permitted When: Unlimited Transfers Permitted When: Up to Six Withdrawals or Transfers Permitted Per Month – When:
  • Made in person
  • Made by messenger
  • Made by a letter request (considered the functional equivalent of the member coming into the credit union)
  • Made by telephone, fax or PC, if a check payable to the member is mailed to the member
  • Made using an ATM
  • Made between the accounts/suffixes of the same member AND made in person, by messenger, by mail or at an ATM
  • Made by the member to pay a loan the member has with the credit union
  • Made by telephone, fax, or personal computer and payable to a third party
  • Made by telephone, fax or PC to another account of the member at the credit union
  • Made by preauthorized, automatic or billpayment arrangement for transfer to the member’s other account(s) at the credit union or to a third party