What is Regulation D?

  • Regulation D impacts the number of transactions allowed on savings or money market accounts, which are not intended to be transaction accounts.
  • In other words, the Federal Reserve requires financial institutions to treat a savings account differently than a checking account. Savings accounts are intended to be established for long-term savings with few withdrawals.

Regulation D applies to all financial institutions.
Regulation D places a monthly limit on the number of transactions you may make from your savings accounts and money market accounts.
Checking accounts are deemed to be “transaction accounts” and have no such transfer or withdrawal limitations.

During any calendar month, you may not make more than six (6) automatic or preauthorized transfers from a savings/money market account.
Transactions subject to this regulation include:

  • Transfers using Online Banking
  • Telephone transfers including Automated Phone Banking Service and those initiated by phone call, fax or email through a bank representative
  • Overdraft Protection transfers
  • Preauthorized, automatic, scheduled or recurring transfers (AKA: ACH transactions)
  •  Transfers to third parties by check, draft or similar order

What transactions are not affected by Regulation D?

  • ATM transfers
  • Automatic transfers made to Workers loans
  • Transfers made in person at a branch
  • Transactions sent in by mail
  • Night Deposit transactions
  • Credits or transfers of any type into the account

Excessive Transactions:

Transactions in excess of the six transfer/withdrawal limitations as described above may be subject to a service charge. For customers who continue
to exceed the limit after they have been notified by Workers, the Regulation requires the account be closed, and the funds may be transferred to a
checking account.

Limitations on Savings and Money Market Account
Transfers, Withdrawals, and Payments to Others

Also Known as “Reg D,” Federal Reserve “Regulation D” states:

“During any month, you may not make more than six (6) withdrawals or transfers from a savings* or money market account to another bank account
of yours or to a third party by means of a preauthorized or automatic transfer, telephone transfer, online banking transfer or similar transaction.”


Transfers and withdrawals that “count” toward Regulation D transaction limitations


Transfers or withdrawals made to another account of the depositor at the same financial institution if made by:

  • Preauthorized or Automatic Transfer
  • Telephone/Automated Phone Banking Service Transfer
  • Online Banking Transfer
  • Overdraft Protection Transfer

Transfers or withdrawals made to a third party (someone other than the depositor) if made by:

  • Preauthorized or Automatic Transfer (utility bill, insurance premium, etc.)
  • Telephone/Phonelink Transfer
  • Online Banking Transfer
  • Check (six per month for money market)


Transfers and withdrawals that do not count toward Reg D transaction limitations

Transfers for the purpose of repaying loans at the same financial institution (This includes Installment, Home Equity, Mortgage, etc.)

  • Transfers from one account of the depositor to another account of the same depositor if made by:
    • Mail or Messenger
    • ATM
    • In person
    • Night Deposit
    • Credits or transfers of any type into the account


*It is suggested that payroll, Social Security or pension-type payments be directly deposited
into a checking account rather than a savings or money market to prevent Reg D issues.

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