Understanding Regulation D

The Federal Reserve announced that it will allow Financial Institutions the ability to waive the limit of six transfers and withdrawals from non-transactional accounts. As of 4/28/20, GLCU has removed the limit on Savings and Special Savings accounts only. This means that members will no longer be restricted to the Federal Regulation D limit of six transfers per calendar month when drafting or making transfers online.

Please note that some accounts are still limited under Reg D's six transfers per month and these include: Money Market, Companion Money Market, Business Savings, and Business Special Savings.

Which transactions are limited under Reg D?

  • Online transfers between accounts (from different or same institutions)
  • Automatic transfers (such as bill pay or recurring transactions)
  • SafetyNet transfers from a savings to your checking account
  • Transfers made by check or through a debit card
  • Transfers made over the phone to our Member Contact Center

What can I do to avoid Reg D limits?

  • Plan your budget and transactions in order to make one or two large withdrawals or transfers per month
  • Consider opening or utilizing your checking account to pay regular bills
  • Choose transactions that are not limited by the law (for example, ATM or in-person/drive-thru withdrawals)
  • Use Online and Mobile Banking to keep track of your balances and monthly withdrawals