Regulation D (Reg) is a Federal regulation which applies to all financial institutions. It was created by the Federal Reserve Board to control the supply of money available in the U.S. and to ensure financial institutions set aside adequate reserves. This Reg classifies share accounts as either “transaction” or “non-transaction” accounts. Transaction accounts are draft accounts and allow unlimited electronic transactions to originate from those suffixes. Savings accounts and money market accounts are non-transaction accounts and are limited to 6 transactions (not made in person) a month per suffix before triggering Reg D.
Any transaction made on a non-transaction account without the member being physically at the credit union location is a Reg D transaction. Such transactions include telephone transactions, mail transactions, email transactions, ACH or EFT transactions, online banking transfers, and overdraft transfers.
Transactions not limited by Reg D would include ATM transactions, transfers to loan suffixes at Oklahoma Community CU, transactions done in person at a branch including shared branching at any CUSC location nationwide, nightly drop transactions left at the credit union’s night drop vault.
When you reach your threshold of 6 Reg D transactions on a non-transaction account you have hit the federal regulation limit and further transactions will be rejected. Please make sure you are using the correct type of account to handle transactions. You may contact a member service representative to get information on moving automatic transactions from your savings suffix to your draft suffix at any time. A fee may be processed per posted item over the Regulation D threshold. Fees may be found on our current fee schedule.