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What are they? And how do they affect your deposit accounts? 

Federal regulations require financial institutions to closely monitor withdrawals made from a savings or money market deposit account. As non-transactional accounts, savings and money markets must adhere to the Federal Reserve Bank's Regulation D, which stipulates that no more than a total of six transfers or pre-authorized withdrawals may be made from each account to another account or to a third party in any month.
The following list identifies which types of transactions are included in the transaction limitations and which are unlimited:

Transactions limited to a total of six transfers per month

• Automatic transfers to other accounts 
• Pre-authorized payments to a third party(ACH withdrawals) 
• Transfers from non-transactional accounts (except to loans)
• Wire transfers
• Overdraft transfers from non-transactional accounts
• Online banking transfers from non-transactional accounts (except to loans) 

Unlimited transactions 

• Non-transactional account to loan transfers
• Deposits
• Transfers performed at an automated teller machine (ATM) 
• Transfers in person at a teller window 
• Withdrawals made in person, by mail or by messenger at a Cove FCU branch
• ATM cash withdrawals and transfers (subject to daily amount limits and sufficient available funds) 

What is a non-transactional account?

At Cove FCU non-transactional accounts include: regular savings, higher yield savings, vacation savings, and holiday savings.

What can be done to avoid future Regulation D violations? 

• Have your direct deposits made to your checking account instead of your savings.
• Use your checking account for all pre-authorized payments (insurance, utilities, gym membership etc.).
• Plan ahead and make one large transfer instead of several small transfers.
• Monitor the number of withdrawals made from your savings account(s).
• Consider visiting a branch, using an ATM, or mailing your transaction request. 

Why does COVE need to adhere to REG D

• Regulation D applies to all financial institutions.
• The regulation was implemented by the board of governors of the federal reserve system, whose job is to ensure financial institutions maintain adequate reserves for the funds they have on deposit.