How often can I withdraw funds
from my savings accounts?
Although you have 24-hour access to the funds in your savings accounts, federal regulation limits the number of savings withdrawals and transfers you can make each month.
You are allowed up to 6 TOTAL pre-authorized, automatic or telephone withdrawal transactions from a savings account within a calendar month (not including AFCU loan payments). Only 3 of those transactions may be made by a check or check card payable to third parties.
Accounts affected by Regulation D:
- Regular Savings
- Money Market
- Premium Money Market
Types of transactions subject to Regulation D:
Each regulated transfer counts as one transaction, regardless of amount.
- Transfers between your accounts (not including AFCU loan payments)
- Home Banking transfers
- Phone transactions, including MoneyLine
- Preauthorized ACH payments (gym fees, insurance premiums, Internet fees, etc.)
- Automatic transfers or withdrawals
- Transfers to another member’s account
- Automatic overdraft transfers from a savings or money market account
How to avoid Regulation D limits:
- Visit a branch, mail your request, or use an ATM to transfer funds. Branch, mail and ATM transfers are unlimited.
- Plan ahead — make one large transfer from savings instead of several small transfers.
- Arrange for merchant ACH withdrawals to come from checking instead of savings.
- If you need frequent access to your funds, open a checking account.
- Balance your checking account on a regular basis to avoid overdraft transfers from savings.