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What is Regulation D?

Please note: Per Federal Guidelines, Regulation D is currently suspended.

Before April 24, 2020, Regulation D, or Reg. D, was a federal rule that set a cap on the total number of convenience withdrawals a bank customer or credit union member could make from their savings account each month. If an account holder reached that transaction limit, under Reg. D, individuals could still withdraw money, but only by visiting their credit union or bank’s branch or ATM. 

The Federal Reserve suspended Reg. D in April of 2020 through a move intended to help consumers survive the financial fallout of the COVID pandemic. Though it was originally a temporary measure, as of October 2022, Reg. D has been suspended indefinitely. 

Financial institutions are still free to impose this restriction as they see fit, so it’s best to learn about any withdrawal limits your financial institution may have before opening a savings account (Note that Quorum has no Regulation D restrictions).

More information about Regulation D (currently suspended):

Regulation D has traditionally limited the number of certain types of withdrawals from savings accounts to six per month. (Quorum savings accounts were subject to this regulation prior to April 2020.)

Regulation D would limit six (6) of the following types of transfers/withdrawals from your savings account per month: 

- Phone (VoiceConnect or with a Quorum representative)
- Fax
- Online/mobile banking (including secure messages)
- Bill Payments
- Pre-authorized automatic transfers (ACH, external transfers, and recurring wire transfers)
- Overdraft transfers (including those due to debit card point-of-sale transactions)
- Withdrawals by check initiated through online banking, VoiceConnect, over the phone with a Quorum representative, or fax (excludes Quorum official checks made payable to you and mailed to your address on file with us).

Keep these tips in mind to avoid Regulation D limits:

  1. Use direct deposit by having your payroll deduction deposited to your QChoice or QClassic checking account instead of your savings account. (Having more funds available in your checking account will allow you to conduct more transactions from checking, a “transactional account” that does not have Reg D restrictions.)
  2. Keep appropriate balances in your checking account to reduce overdraft transfers from savings.
  3. Make insurance, utility, or recurring payments electronically from your checking account instead of your savings account.
  4. Set up automatic transfers from your checking account to other designated accounts.

 

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