125 North Fulton St. Ithaca, NY 14850
Phone: (607) 273-4611
Toll Free: (877) 273-AFCU      Contact

Why can't I transfer from savings?

Regulation D or “Reg D” is one of those pesky bank regulations that seems to confuse. This government regulation limits the number of transfers out of your Savings Account to six per month. 

If you made a transfer from your savings account on Online Access, it tells you how many online transfers you’ve made. If you click on the “Explain” link, the Reg D Description pops up. Click on that for a full description and chart about what Reg D is and how it affects you.

Transactions that count towards the Reg D limits include: Transfers from savings using Online Access or Phone Access, transfers made by calling an Alternatives staff person and requesting a transfer, pre-authorized, automatic, scheduled, or recurring transfers, and overdraft protection transfers from savings to cover overdrafts. 


Why this limit? The federal government requires financial institutions to reserve a percentage of funds in transaction accounts, like checking accounts. Since the balances on these accounts can change rapidly with no notice, reserving funds acts as a stabilizing tool. Financial institutions are not required to reserve for funds held in non-transaction accounts, like savings accounts.


Exempted from Reg D limits are transactions by mail, Quick Drop or Night Drop with an original signature, transfers made to loans at Alternatives, ATM transactions, and transactions done in person at Alternatives. 


For more information, see the explanation on Online Access. If you have questions, please call a Member Service Specialist at (607) 273-4611.

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Rima Shamieh

My IDA [Individual Development Account] experience was just incredible. I saved a few bucks every week and after a year, I had a savings account with $3,000 in it! And I'm glad that the MoneyWise class was required, because it really helped me develop a healthier relationship with money. So many of the skills I learned in class seemed so obvious, but I never thought/knew how to do them until we went over them in class. For example, tracking my spending made a HUGE difference in how I now spend money. Also, the exercises in the beginning when we explored our relationships with money - I discovered I'm a carefree, spirited, impulsive spender. It helps to put a name on things.

After accruing thousands of dollars in debt from student loans from when I was an undergraduate, I was determined to do all I could to stay out of debt for when I continued my education. The IDA really helped. I feel so much better prepared to build equity and save for my future. Thanks, Alternatives!


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