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Regulation D

For your protection.

Tyndall is committed to offering you the best possible products and services. For your convenience, you may choose from several different types of accounts, each with different features designed to meet a variety of needs.

It is important to note, though, that while we have some freedom when we create our accounts, there are some account terms that we cannot change because they are regulated by the Federal Reserve Board.

The Federal Reserve Board's Regulation D limits the number of certain withdrawals and transfers from particular deposit accounts.  Examples of Tyndall savings accounts affected by this regulation are Regular Share (Savings) Accounts, Club Accounts, and Money Market Accounts.  Transactions on Tyndall Checking Accounts are not limited by this regulation.

All financial institutions are subject to this regulation.

Regulation D places a monthly limit on the number of specific types of withdrawals and transfers you may make on what is considered a "non-transactional" account. If you are not physically present to perform these transactions, they may be restricted by this regulation.

You may have up to six (6) preauthorized or automatic withdrawals or transfers to another account at the same credit union or to a third party during a calendar month.  A ''preauthorized transfer'' includes any arrangement that the credit union makes either to pay a third party from the account of a member on written or verbal instruction or to pay a third party from the account of the member at a predetermined time or on a fixed schedule.

More information on Regulation D

What is Regulation D?

Regulation D (Reg D) is a federal law that limits the number of certain types of withdrawals and transfers that you can make from particular deposit accounts.

All financial institutions are subject to this regulation; it is not unique to Tyndall.

What types of deposit accounts are affected?

Tyndall's savings accounts that are affected by this regulation are Regular Share, Money Market, and Club Accounts. These are considered 'non-transaction' accounts, which means they are primarily used for "saving" and, therefore, should not have regular, frequent withdrawals. The initial intention of the regulation was to discourage people from using a basic savings account as a source for their everyday banking needs.

Tyndall Checking Accounts are not limited by this regulation, as they are considered 'transaction' accounts and are expected to have heavy usage.

What types of transactions are limited by Regulation D?

According to Regulation D, you may not make more than six "convenient" transfers or withdrawals from one of these accounts to your checking account, or to a third party, in a calendar month. "Convenient" transfers/withdrawals are those that are pre-authorized, automated, or telephone transfers/withdrawals. These include transactions completed through Online Banking, GENIE24, Overdraft Protection, ACH/EFT, and Bill Pay.

Transactions completed via the Call Center (or other Tyndall representative) are also restricted, whether the request is by phone, fax, or email, unless the funds are withdrawn in the form of a check mailed to the member.

What types of transactions are not limited by Regulation D?

Transactions that are not limited by Regulation D are those that are not considered "convenient," including withdrawals or transfers made in person at a branch, at an ATM, or by mail (with an original signature).

In addition, transfers that are made from the savings account to a Tyndall loan are not restricted.

What happens if I reach my Regulation D limit?

If you have already reached your Regulation D limit for the month, any other withdrawals or transfers that would be considered Regulation D transactions would be declined, including automatic overdraft transfers. You would have to complete further Regulation D transactions for that month in person, at an ATM, or by mail.

I use my savings account for Overdraft Protection. If I have already reached my Regulation D limit for the month, what happens if I overdraw my checking account? Will the money transfer from savings?

No, not if you have already reached your Regulation D limit for the month. If you have another overdraft source set up in addition to your savings, we will try to pay the overdraft through that source instead. However, if you do not have any other account or loan set up as an overdraft protection source, the transaction will be declined and applicable merchant fees may also apply.

Can I do anything to avoid Regulation D limitations?

Yes. The main point to remember is that you should use your checking account, rather than your savings account, for your direct deposit, scheduled/automated transfers, ACH transactions, etc., as the Regulation D restrictions do not apply to checking accounts.

Finally, we recommend you set up other overdraft protection sources, such as your Tyndall VISA or Line of Credit, in addition to using your savings account, so you have an alternative source in place in the event you have reached your Regulation D limit on your savings.

How do I know if I have reached my Regulation D limit?

To find out how many transactions you have already had this month, your best bet is to speak with an FSR at a branch or contact our Call Center at 850-769-9999 (888-896-3255, toll-free). You may also log into Online Banking, review your savings account history, and actually count the number of withdrawals and transfers made during the month. At this time, there is no Regulation D "counter" in Online Banking, though.

Are there exceptions to Regulation D?

The only time that a "convenient" transfer will not count as a Regulation D transaction is if you are transferring funds to pay a Tyndall loan.