The Federal Reserve’s Regulation D limits electronic transfers and withdrawals from savings accounts at financial institutions.
At Timberland Federal Credit Union these restrictions apply to transfers and withdrawals from savings, supplemental savings, to include money markets and club accounts. No more than six (6) preauthorized, automatic, or telephone transfers and withdrawals may be made from each of these savings accounts to another account of yours or to a third party within a given month.
If you exceed these limitations, your account may be subject to a fee and/or be closed. In addition, any overdraft in excess of this limitation may result in returned payments due to insufficient available funds. This regulation does not apply to ATM withdrawals or over-the-counter transactions.
In order to avoid account closure and/or additional costs, we ask that you maintain sufficient available funds on deposit in your checking account and establish payments to third parties from your checking account.