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Are you using your share/savings account as automatic overdraft protection for your share draft account?

As a member of G.A.P. Federal Credit Union, you’ll always have a place where you belong.

Regulation D is a Federal Reserve Board regulation that limits the number of preauthorized withdrawals and transfers from a share/savings account. The regulation applies to all United States banking institutions offering such accounts.

In consumer banking, “Regulation D” places a limit of six withdrawals or outgoing transfers per month from savings via several transaction methods. Transactions counted against the limit include “preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction, or by check, draft, debit card, or similar order made by the depositor and payable to third parties.” Transactions not counted against the limit include “mail, Bill Pay, automated teller machine, or in person or when such withdrawals are made by telephone (via check mailed to the depositor).”

The number of deposits or incoming transfers into savings are not limited.

For FAQ’s click Federal Regulation D.

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