Reg D Transfer Limits - Permanently Removed
What is Reg D?
Regulation D is a federal law established in the 1930s, limiting the number of automatic withdrawals and transfers from your savings or money market account. The law was enacted, in part, to protect consumers by limiting those transactions to six per month, unless done in-person or through an ATM.
What Does this Change Mean to Me?
This change allows BHFCU to immediately suspend enforcement of the six-transfer limit and allow members to make unlimited transfers and withdrawals from their savings accounts.
Why Was the Change Made?
Financial institutions have been urging the Federal Reserve to make this change for years, but the increased need for consumers to have access to their savings amid the coronavirus pandemic brought the issue to the forefront. The deletion of Reg D transfer limits is intended to allow members more convenient and timely access to their funds.
What Do I Need to Do?
No, you do not need to do anything. The change is automatic, effective April 24, 2020.