See the latest news and important updates from Southwest Oklahoma Federal Credit Union.
Join us for our Annual Membership Meeting Thursday March 13th at 7pm at the Great Plains Technology Center Bldg. 300.
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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