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Regulation D

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A Notice About Regulation D

Starting June 1st, 2018, Solidarity will implement Regulation D, which requires financial institutions to limit certain transactions on money market accounts, savings accounts, and share certificates. This required regulation limits these types of accounts to 6 transactions a month. DON'T PANIC! If you are someone who frequently withdraws or transfers from your savings accounts, we have answers to your questions below.

Unlimited Transactions

  • Depositing or transferring into the account
  • Transfer to repay your loans at Solidarity
  • Transfer to another account of yours at Solidarity
  • Having withdrawals paid directly to you
These actions are unlimited, provided they are done either in person, via ATM, by phone (checks mailed to the account owner's address on file), or by mail (requests to transfer to your own account, or to mail a check to the account owner's address on file)

Limited Transactions

Moving money to another one of your accounts, or to a third party via any of the following methods is limited to 6 transactions per month. After this limit is exceeded, there is a $5 per transaction fee.
  • Preauthorized or automatic transfers (ACH and includes overdraft protection transfers)
  • Online banking
  • Voice Response Unit aka Money Line OR
  • Check, draft, debit card, or any other way to pay a third party   
Regulation D FAQs
What is Regulation D (Reg D)?
It is a federal regulation limiting the number of certain types of withdrawals from Savings or Money Market Accounts to six per month (per individual account).
What is the reasoning behind Reg D?
Reg D was passed to impose regulations on the amount of reserves a financial institution maintains. The reserve amounts that are required for each financial institution is determined by the balances it has in its transactional accounts (e.g. Checking Accounts)
When does my 6 fee-free transactions imposed by Reg D reset each month?
They reset at the very beginning of each month. For example, making 6 withdrawals in the last week of the month and then making a withdrawal the week after the first of the following month will not incur a fee. Any remaining transactions that count toward the 6 per month will NOT rollover into the next month
What types of transactions are counted toward the 6 transfers permitted each month?
IF you move money to another one of your accounts, or to a third party (anyone other than yourself) by…
  • Preauthorized or automatic transfers (ACH and includes overdraft protection transfers)
  • Online banking
  • Voice Response Unit aka Money Line OR
  • Check, draft, debit card, or any other way to pay a third party 
THEN you’re limited to 6 of these transactions each month.
What types of transactions are not counted toward the 6 transfers permitted each month?
IF you deposit or transfer into the account, transfer to repay your loans at Solidarity, transfer to another account of yours at Solidarity OR have withdrawals paid directly to you, and it is done…  
  • In person
  • At an ATM
  • By phone (a check must be mailed to the owner at the address on file) OR 
  • The request is made by mail (either to transfer to your own account, or to mail a check to the owner at the address on file)
THEN it’s unlimited access each month.
How can I make a transfer if I have exceeded Reg D?
  • Transfer the money at an ATM
  • Complete the transaction in person with a teller
If I have two Savings Accounts am I limited to 6 transactions for each account or 6 in total for both?
Each month you are permitted 6 transfers from each individual Savings Account.
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