Affinity First wants to send a gentle reminder about a federal regulation that our members may not be aware of: Regulation D.
Regulation D went into effect in August 2008. This regulation is in regards to a limit on transactions in a savings account per month.
Regulation D restricts the amount of transactions in a savings account to SIX per month. You can deposit as much as you want in your savings account; however, you may only have 6 electronic withdrawals from your savings account in one month. Checking accounts are a transactional account and therefore have no transaction limits.
What counts as electronic withdrawals?
- Automatic deductions (paypal, recurring bills)
- Online banking transfers
- Calling the branch and asking a member service rep to transfer money for you
- Automatic overdrafting from a savings account to your checking account to cover any checking account transaction, including debit card transactions
A face to face transfer with one of our tellers does NOT count as a Reg D transaction.
To avoid any inconvenience when using your debit card or paying your bills, please keep enough funds in your checking account to cover your transactions.
If you have any questions, please do not hesitate to ask us!