Regulation D Update: Important Information about Transaction Limits
Click here to view the Regulation D Update Guidelines.
Covered Accounts: Federal regulations govern the number and type of withdrawals from savings and money market (Savers Edge) accounts. Unlike share draft or checking accounts which are considered transaction accounts with unlimited withdrawals allowed, savings and money market accounts are considered non-transaction accounts under Regulation D and Nassau Financial is required by law to limit certain withdrawals from these accounts to no more than six per month.
Limited Transactions: The following transactions are included in the six:
- Checks or drafts made payable to 3rd parties
- Check/Debit card purchases
- Preauthorized or automatic transfers to a 3rd party, including ACH transfers
- Transfers initiated through home banking (Access-24)
- Telephone transfers initiated via an audio response system (Call-24) as well as those made to a credit union representative
- Transfers to other accounts (other than a loan account)at the credit union
- Transfers to accounts at other financial institutions
- Faxed or text message requests for transfers
The limits above apply only to withdrawals and not to deposits.
Unlimited Transactions: It also does not apply to the following types of withdrawals:
- Withdrawals made in person at the credit union
- Withdrawals made at any ATM
- Requests for withdrawals sent by mail or messenger to the credit union
- Telephone request for withdrawal via a check payable to the member
- Payments to a loan account at the credit union
Monitoring: Nassau Financial is required by law to monitor and prevent members from exceeding the six transaction limit. We may take the following actions:
- Send you a letter or notice informing you that you have reached the limit
- Reject transactions in excess of the limit
- Charge fees for transactions exceeding the limit
- Limit your ability to make transactions from the account
- Close the account if the limit is repeatedly exceeded
For more information, click here to view the Regulation D Update Guidelines or call 516.742.4900 to speak with a Representative.
- Mailing address
P.O. Box 9006
Westbury NY 11590-9809
865 Merrick Avenue, Suite 250N
Westbury, NY 11590-9006
Phone (516) 742-4900 or Fax (516) 240-1246
- Routing Number #2214-7668-8