What's the deal with Federal Regulation D?

Change is coming. And if you’re not careful, you could be paying the price. Federal Regulation D limits the numbers of transfers and withdrawals you can make on certain savings and money market accounts within a calendar month. After six, you’ll be charged $20 for every transaction afterward in that month.

Luckily, we have all the information you need: from which accounts are affected to how to stay away from paying to access your money. So let’s get started.

First of all, let’s keep in mind WHICH accounts are affected by Regulation D:

• MyLife Savings (including Kids Accounts & Teen Accounts)
• SMA Savings
• MyLife Money Market
• Credit Builder Savings
• Diamond, Platinum, Silver Saver, & Super Savings Money Manager
• Basic Savings
• Cash and Stash
• Savings Plus
• Student Account
• Certificate Account

These are the kinds of activities that are limited to SIX transactions under Regulation D:

• Overdraft Protection transfers. Make sure you’re aware of how much is in your account.
• Online transfers: This includes Online and Mobile Banking and electronic payments, automatic transfers (even internal transfers between savings to other accounts).
• Phone or fax requests: Dial-Up and Call Center are unfortunately limited!
• Checks or similar draft orders. Unless payable to you, keep them to under six a month.  
• Automated Clearing House (ACH) withdrawals

The good news is, there are simple ways to avoid that pesky $20 fee. Here’s how:

• Make sure all pre-authorized payments or automatic withdrawals are set up in your MyLife Checking account.
• Always make sure that you have Overdraft Protection set up on your Signature Line of Credit.
• Plan to make transfers in larger amounts instead of several small transfers.
• Use an ATM or branch to complete a transaction. They don’t count!
• Always monitor your accounts using Mobile or Online Banking.

You can also avoid fees through the following transaction methods. They are FREE to you. Every month.

• Come say hello to us at an in-person at a branch, this includes shared branches, at no cost to you.
• ATM transactions are always free.
• Snail mail 🐌 is not only accepted, it’s encouraged! Because it doesn’t cost you anything (except a stamp..).
• Transfer payments made to a USALLIANCE loan don’t cost a thing either.

We get it, life happens. But now that you’re more equipped with the information you need to avoid Regulation D fees, you can put that $20 to use on something much more worthwhile.

Have any questions or concerns? Feel free to get in touch with us at 1 (800) 431-2754 or by email at memberservices@usalliance.org.