Federal Regulation D

We are required by Federal law to inform you about Federal Regulation D. Here are some frequently asked questions and answers about Regulation D:

Q. What is Regulation D?

A. Federal Regulation D places a monthly limit on the number of transfers you may make from your Share (savings) Account or Money Management Account without your physical presence being required. Transfers affected by this regulation therefore include:

• Transfers made using the Internet (e. branch)
• Transfers made using the telephone (Tellerphone 24)
• Overdraft transfers (made automatically to cover insufficient funds in other accounts; see below)
• Transfers made by a Member Service Representative on your behalf
• Pre-authorized, automatic, scheduled, or recurring transfers (see below)

You are allowed six (6) such transfers per month, per account, but only three (3) of those may be made by check (a check counts against the month is which it clears, not when it was written).

Q. What transactions are not affected by Regulation D?

A. The following are not affected;

• ATM transactions
• Transfers made to a CSE loan
• Transactions done in person at one of our offices
• Transactions sent in by mail or put in the night drop with an riginal signature
• Bill payments coming out of your CSE Share Draft (checking) Account

Q. What are my options once an account has reached its Regulation D limit?

A. You may complete withdraws and transfers in person, by mail, or at an ATM.

Q. If an account used for Overdraft Protection has reached its Regulation D limit, will overdraft requests be honored?

A. No, if the Overdraft Protection account is a Share (savings) Account or a Money Management Account. In that case you will receive a notice by mail and incur an "Insufficient Funds" charge for every overdraft attempted beyond your monthly limit.

Q. I have authorized a merchant to automatically withdraw payments from my Share (savings) Account or Money Management Account; do these count against my monthly limit?

A. Yes. These payments (which you might know as "ACH" or "EFT" transactions) follow Regulation D limitations. Any withdrawals attempted beyond your monthly limit will not be honored and you will receive a notice by mail and incur an "Insufficient Funds" charge. To avoid this situation, make automatic payments using something other than a Share (savings) Account or Money Management Account. You may wish to use your Share Draft (checking) Account. You will need to contact the merchant to arrange this change. Please be aware that your request could take more than a month to go into effect.