Regulation D

Germania Credit Union always attempts to honor member requests for withdrawals or for transfers from one account to another.  Our goal is to allow members as much freedom as possible in accomplishing personal financial objectives.  On rare occasions, laws applicable to the operation of this credit union conflict with your expectations.  When this occurs we need follow the law.

One such law comes form the Federal Reserve and is designated as Regulation D (Reg D).  Reg D restricts the number of certain types of transfers to six per month.  Of these six transactions, no more than three can go to a third-party via the electronic or ACH (Automated Clearing House) systems.  These transfers are generally from savings to checking.  Transfers from savings that most frequently come under this regulation are as follows:

• When a member telephones one of our offices to request a transfer of funds within the same member number (limit of 6 per month), or between two members or member numbers (limit of 3 per month);
• When Overdraft Protection automatically transfers funds (limit 6 per month);
• When a member uses Access 24 (voice response unit) to transfer funds within the same member number (limit 6 per month);
• When a member has a pre-authorized, automated ACH (automated clearing house) withdrawal (limit 3 per month).

Once six of these transfers from the savings account have been done, Reg D will not allow any additional automatic, telephone or online type transfers for the remainder of the month.  Subsequent telephone and electronic transfer requests from savings as well as automatic overdraft protection can be denied or may incur a fee for excessive withdrawals.

The best solution is to always keep sufficient funds in the checking account to cover outstanding items.  You may also make transfer requests in person or by requesting over the phone that a withdrawal by check be mailed to you as there are no limits imposed on this option.  GCU employees wish to accommodate your request whenever possible.  You can help by being aware of the status of your accounts.

Germania Credit Union
PO Box 645
Brenham,TX 77834 - 0645
Phone (979) 836 - 5224 or Toll-free (800) 392 - 2202
Fax (979) 836 - 1691
gcu@germaniainsurance.com