Regulation D (Reg D) is a federal regulation with which all financial institutions, including Sharonview, must comply.
Federal Regulation D limits the number of transfers or withdrawals from a Share (Savings), IRA or Money Market Account, to a total of six per month. After making more than six of these transactions during a month, a fee will be assessed.
Any combination of the following transactions count towards your six (6) transfer limit per calendar month:
- Any transfer from your savings or money market accounts to any other account that is made through any of the following services.
- Online and Mobile Banking
- Telephone Banking
- Overdraft transfer to checking
- Member Experience Center
- Automatic withdrawal
- Checks clearing on a Money Market
- Any pre-authorized automatic withdrawals, and any check or debit card transaction from your savings or money market account
Transactions that do not count towards your six (6) transfer limit include:
- In person withdrawals
- ATM withdrawals
- Transfers to a Sharonview loan product for the same member
Making more than six (6) transactions from this account in one calendar month will result in a $20 fee per transaction over six.
Limit your Reg D transactions by:
- Switching direct deposit to your checking account.
- Switching ACHs to withdraw from a checking instead of savings.
- Making withdrawals at the ATM or a branch.
- Planning ahead and make one large transfer instead of several small transfers.
If you have any questions, please contact us at 800-462-4421.