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.

Online Access

eStatements Prior to Dec. 2012 »

Loan Rates
Deposit Rates


Donate »

Your gift to Alternatives Impact helps our community!

Chris Setlock

In the spring of 2014, we learned that our minivan needed repairs in excess of it's value. We'd already been cutting back on our auto use, and were trying to walk and bike more. We'd been talking with friends and reading about cargo bikes as a car alternative. Around the same time, a new business, "Boxy Bikes" opened in Ithaca, which specializes in electric and cargo bikes. We found a model we were interested in, and approached alternatives seeking financing. Alternatives set us up with a signature loan, and a "green loan" discount on our rate. Thanks to Alternatives, we are now the happy owners of a "Yuba Mundo" Electric Cargo bike. We can get anywhere we need to go, using no gas, and creating no emissions. I can carry two passengers, or a weeks worth of groceries. The loan will be paid off in two years, and the bike could last for many more, at a fraction of the cost of an automobile.


Alternatives
Financial
Education »

Discover how you can gain control of your finances...



Alternatives Federal Credit Union ("Alternatives") provides a hyperlink to Google Translate� for convenience only and without any responsibility for the accuracy of translations. Alternatives has no control over this unrelated, free and entirely computerized translation program. Computerized translations are only an attempted approximation of the website�s original content and thus Alternatives makes no representations or warranties of any kind with respect to the accuracy, reliability or completeness of any translations. Persons using translated information do so at their own risk.