Regulation D

This page contains the various disclosures that we need to provide to you when you join the credit union or when you open certain types of accounts. We have grouped them into categories based on the accounts you open.

Regulation D Transactions

Due to federal regulation, there is a monthly transfer limit on electronic transfers from your savings accounts.  You are allowed a total of six (6) electronic transfers per savings account each month. 

Regulation D Explanation

Regulation D is a federal regulation which all financial institutions, including Sioux Falls Federal Credit Union, must comply with.  Financial institutions are required to establish a non-interest bearing reserve account with the Federal Reserve Board based on the percentage of dollars the institution has in transaction accounts. 

Regulation D separates accounts into three basic categories:

  • Time Deposits - certificate or term accounts
  • Transaction Accounts - checking accounts
  • Savings Deposits - regular share and money market accounts

For an account to be classified as a savings account, financial institutions must restrict transfers and third party withdrawals from the account to six (6) per month.

Limited Transactions

Any transfer from your savings accounts to any other account (including alternate savings accounts and your checking account) that is made through any of the following services.  Any combination of the following transactions count towards your six (6) transfer limit per calendar month:

  • Online Banking
  • Telephone Banking
  • Overdraft transfer to checking
  • Sioux Falls FCU Call Center
  • Automatic withdrawal
  • Any check withdrawal from savings made payable to a third party

After the six (6) allowable transactions have been reached for the month, future transactions must be done via the next section.

Unlimited Transactions

The following transactions are not limited by Regulation D:

  • ATM withdrawals and transfers
  • Transfer requests made in person
  • Transfer requests received by mail
  • Transfers from Line of Credit to checking (overdraft protection)
  • Transfers from checking to other accounts

Helpful Suggestions

Set up pre-authorized automatic withdrawals from your checking account which has unlimited withdrawal limits.

Set up a Line of Credit for overdraft protection.  Transfer from your Line of Credit are unlimited.  There is no annual fee and you pay interest only on the amount of funds advanced for the time period the money is borrowed. 

For more information, please contact a Member Service Representative at 800-568-5711.