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Regulation D

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We are happy to announce that the Federal Reserve has lifted this rule due to COVID-19. Effective June 1st, we will no longer be required to impose this rule, which impacted the number of transfers and withdrawals that you were able to make.

The Federal Reserve's Regulation D limits electronic transfers and withdrawals from savings accounts at financial institutions.

At Members 1st, these restrictions apply to transfers and withdrawals from savings, money market, supplemental savings, goal savings and club accounts. No more than six (6) preauthorized, automatic, or telephone transfers and withdrawals may be made from each of these savings accounts to another account of yours or to a third party within a given month.

The transactions which are limited as per the regulation include EZ Call transactions, EZ Transfers transactions, Members 1st Online transactions and ACH payments from a savings account to a third party. The regulation also includes restrictions on overdraft protection transfers from savings accounts to checking accounts to cover payments made by check, draft, bill pay, ACH debit, EZ Transfer, or access card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. Consequently, any overdraft in excess of this limitation may result in returned payments due to insufficient available funds.

This regulation does not apply to teller transactions or ATM withdrawals.

In order to avoid additional cost and embarrassment of returned checks, please keep sufficient available funds on deposit in your checking account and establish payments to third parties from your checking account.

Overdraft protection was designed for exactly what it says - protection. Overdrafts covered by advances on Personal Line of Credit or Home Equity Lines of Credit (HELOC) are not affected by this regulation, nor are they limited in number. There are no fees for the transfers but the loan will accrue interest (based on your APR) based on the outstanding balance owed.

Who can I talk to about having Overdraft Protection?

Call Customer Service - (800) 237-7288 or visit a branch near you.

Home Equity Loan 5-Year


Visa Balance Transfer


Home Equity Loan 10-Year


*APR=Annual Percentage Rate   **APY=Annual Percentage Yield
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