Regulation D is a regulation that impacts the number of transactions permitted on savings accounts. This Regulation was implemented by the Board of Governors of the Federal Reserve System. Compliance with Regulation D is required by Banks and Credit Unions, and has been in effect for many years. Effective October 1, 2006, Baker Federal Credit Union will comply with this regulation.

How does Regulation D affect you?

It limits the number of pre-authorized, automatic or phone transactions you make each month on a savings account to a maximum of 6 per month. (alternate savings, club accounts and High Yield Savings would fall into this category.) Regulation D transactions include:
• Baker’s Bank-By-Phone transfers
• Baker’s Banking From Home
• Overdraft protection services
• Transfers done over the phone with one of our Member Service Representatives or on our answering machine
• ACH withdrawals (preauthorized debits)

THERE IS NO LIMIT TO TRANSFERS OR WITHDRAWALS DONE IN PERSON, BY AN ATM, OR THOSE MADE FROM A CHECKING ACCOUNT OR A LINE OF CREDIT.

Unlimited transactions that do not fall within Regulation D:
• Withdrawals done in person at our office
• Transfers done in person at our office
• Cash withdrawals performed at an ATM
• Transfer requests made at an ATM
• Check withdrawals made payable to the accountholder done using Bank-By-Phone.
• Check withdrawals made payable to the account holder requested over the phone to one of our Member Service Representatives.
• Automatic loan payments made on a BFCU loan.

Any transfer requests (including overdraft transfers) that are received after you have exceeded your limit of six per month will be rejected. In addition, any ACH debits that are received after the limit has been exceeded will be returned for Non-Sufficient funds. All fees associated with Non-Sufficient funds will apply.

How can I avoid exceeding Regulation D limits?

• Make recurring payments (ACH debits) from your checking account instead of your savings.
• Keep sufficient balances in your checking account to avoid overdrafts.
• Use a line of credit for overdraft protection instead of a savings account.
• Perform transfers at an ATM or in person in our office.

If you have any questions, please feel free to contact us at (800) 992-2365

REGULATION D IS A DIRECTIVE OF THE FEDERAL
GOVERNMENT, NOT YOUR CREDIT UNION