A Notice About Regulation DStarting 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.
- 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 TransactionsMoving 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