Regulation D

1. What is Regulation D?

Regulation D is a Federal Regulation that places a monthly limit on the number of transfers you may make from your Savings Accounts or Money Market Accounts without your physical presence being required.

You are allowed a total of six (6) of the follow transactions per month:

• Pre-authorized, automatic, scheduled or recurring transfers from your savings account (also known as "ACH" or "EFT" transactions.)
• Transfers from your savings account made using Balance Plus Telephone Banking.
• Overdraft transfers from your savings account.
• Phone transfers from your savings account made by a Member Service Representative on your behalf.
• Online banking transfers from your savings account.
• Transfers from your savings account requested by email or fax.
• Checks from your savings account payable to a third party.

2. What Transactions are not affected by Regulation D?

The following transactions are not affected by regulation D and are allowed in unlimited numbers:

• Automatic (allotment) transfers from your savings account as a payment on any Service First Loan.
• Transfers or withdrawals from your savings account made by mail, ATM, night-drop, or in person.
• Withdrawals from your savings account made by phone and consummated by a check mailed to the depositor.

3. What happens when my savings account reaches its Regulation D limit?

If your savings account reaches its Regulation D limit within any given month, you must then complete any further withdrawals or transfers from the account in person, by mail, or at an ATM. If any of the above regulated transactions are attempted beyond your monthly limit, these transactions will not be honored and will be returned to your account.

4. What happens when a savings account used for Overdraft Protection reaches its monthly Regulation D limit?

If a savings account being used for Overdraft Protection reaches its regulation D limit, any subsequent overdraft request will not be honored and you will incur an Insufficient Funds charge for every overdraft attempted beyond your monthly limit.

5. How can I avoid reaching my Regulation D limit?

To avoid reaching the Regulation D limit on your savings account, we suggest making automatic payments with another account, such as a checking account. Checking accounts are not regulated by Regulation D.

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