See the latest news and important updates from Southwest Oklahoma Federal Credit Union.
Regulation D begins January 1st, 2014
Regulation D is a federal regulation that requires all financial institutions to enforce controls and limits on the number of certain types of transfers or withdrawals from a savings account. Regulation D allows for a maximum of six transactions each calendar month from a savings account. Transactions from a savings account exceeding six in a calendar month must be rejected and/or assessed a punitive fee to deter further activity of this nature.
Transactions from a savings account affected by Regulation D are:
- overdraft protection transfers
- authorized payables (ACH, pre-authorized debits, etc.) to third parties
- automatic transfers excluding transfers to loans
- transfers completed within home banking or mobile banking
Transactions from a savings account not affected by Regulation D are:
- in-person withdrawals or transfers
- ATM withdrawals
Effective January 1, 2014, Southwest Oklahoma FCU is obligated to enforce a fee of $10 for each Regulation D transaction from a savings account that exceeds six in a calendar month. Please contact us if you have any questions.
Thank you for understanding as your credit union continues to work within the stringent parameters of our federal regulatory requirements.
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