Chesterfield Federal Credit Union (CFCU) complies with the Federal Reserve Bank’s Regulation D.
Last Revision: 10/23/2013
Understanding Regulation D
For each savings account suffix, the following transactions are limited to a total of six per month:
- Automatic savings-to-checking transfers to cover overdrafts.
- Telephone transfers from savings to checking or other share accounts when made through Dial24 Telephone Banking.
- Transfers to share accounts made through CFCU’s automatic transfer program, Net24 Home Banking, Dial24 Telephone Banking or Mobile24 Mobile Banking.
- ACH electronic drafts from savings, such as insurance drafts.
Once the limit is reached through any combination of the above transactions, further transactions will not be processed. This may result in checks or other debits being returned and return fees being charged, and your checking account being closed. These Regulation D limits are in addition to CFCU’s standard limits and fees, including excessive withdrawals disclosed in the Fee Listing.
Ways to Avoid Inconvenience
- Check your accounts using Net24 Home Banking, Dial24 Telephone Banking or Mobile24 Mobile Banking.
- Plan ahead. When you call for savings-to-checking transfers, make one large transfer instead of several small ones.
- Adjust any payroll deductions to be in line with your normal spending habits.
- Specify more accounts, such as other share accounts or a line of credit, to be used for overdraft protection.
- Authorize direct deposits to go to checking, not savings.
- Balance your checking account regularly.
- Apply for a line of credit.