New Fee: Regulation D
A federal rule that sets a withdrawal limit on certain non-transactional accounts (savings accounts). AT WNY FCU this includes your share savings and club accounts. Regulation D, also known as Reg D, is a Federal Reserve Board rule that puts a limit of six transactions per month on certain transfers out of and withdrawals from your savings account.
After six withdrawals within one month (1st-31st), your share/savings account will be assessed a fee of $3.00 for each additional transfer. Fees are assessed monthly, on the last day of the month.
These fees are not assessed on Checking Accounts.
Members can transfer into savings accounts as often as they wish. Reg D is the federal government’s way of ensuring that financial institutions have the proper amount of reserves on hand and encourage people to use savings accounts as they are intended: to save money. These dividend-bearing accounts include regular savings, club accounts, and additional savings accounts on a member’s account.
As a courtesy to our members, transfers/withdrawals attempted beyond your monthly limit will be honored if the funds are available. The credit union will charge a Reg D violation fee of $ 3.00. Fees are assessed monthly, on the last day of the month. These fees are to discourage our members from using these dividend-bearing accounts as transactions accounts.