What is Regulation D?

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Reg. D is a federal regulation set by the Securities and Exchange Commission that limits the number and type of withdrawals from non-transactional accounts (Savings, Additional Savings or Money Market Accounts) to six (6) per month per account. The types of transactions that count toward the 6 (six) transfers permitted each month under Reg. D include:

  • ACH Transfers from a Savings or Money Market account to another financial institution or third party for payment by means of a preauthorized or automatic transfer.
  • Home Banking and phone transfers from a Savings or Money Market account to any other Verve account, except a loan.
  • Automatic transfers from a Savings or Money Market account to checking to cover checks, ATM withdrawals, ACH withdrawals, etc.

 

The types of transactions that are not counted toward the 6 (six) transfers permitted each month under Reg. D include:

  • Any transfer for the purpose of repaying a Verve loan.
  • Transactions by mail, ATM or in person.
  • ACH/Payroll distributions (direct deposits) into the account.
  • AFTs (Automatic Funds Transfer Services).