Reg. D is a federal regulation that limits the number and type of withdrawals from accounts that are intended for savings – including savings, money market and certificate of deposit accounts -- to six (6) per calendar month.
When the number of transactions exceeds six per month, it could result in a denied transaction. Further, we may be required to convert the account to a checking account, or even close the account under excessive or repeated circumstances. Effective October 1, 2019, withdrawals and overdrafts to cover debit transactions will be included in the six transactions allowed per month.