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Regulation D

1. What is Regulation D?

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Federal Regulation D places a monthly limit on the number of transfers you may make from your Savings (Shares) Accounts or Money Market Accounts (MMAs) without your physical presence being required. Transfers affected by this regulation therefore include: - Transfers made using Online Banking - Transfers made using Telephone Banking - Overdraft transfers (made automatically to cover insufficient funds in other accounts; see below) - Transfers made by a Member Service Representative on your behalf - Pre-authorized, automatic, scheduled or recurring transfers (see below) You are allowed six such transfers per month, per account.

2. What transactions are not affected by Regulation D?

- ATM transactions. - Transfers made to WPFFCU loans. - Transactions done in person at the credit union - Transactions sent in by mail with an original signature WPFFCU Bill Pay (which uses funds from your checking account)

3. What are my options once an account has reached its Regulation D limit?

You may complete withdrawals and transfers in person, by mail, or at an ATM.

4. If an account used for Overdraft Protection has reached its Regulation

D limit, will the overdraft requests be honored?

No, if the Overdraft Protection account is a Savings (Shares) Account or MMA. In that case, you will receive a notice by mail and incur an Insufficient Funds charge for every overdraft attempted beyond your monthly limit.

5. I have authorized a merchant to automatically withdraw payments from

my Savings (Shares) Account or MMA; do this count against my monthly


Yes. These payments (which you might know as "ACH" or "EFT" transactions) follow Regulation D limitations. Any withdrawals attempted beyond your monthly limit will not be honored, and you will receive a notice by mail and incur an Insufficient Funds charge. To avoid this situation, make automatic payments using something other than a Savings (Shares) Account or MMA, such as a checking account. Contact the merchant to arrange this change, and be aware that your request could take more than a month to go into effect. Alternatively, consider using WPFFCU Online Bill Pay to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.
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