Calcasieu Teachers & Employees Credit Union

Credit Union servicing the teacher's, employee's, and their families of Calcasieu Parish school system.  Services provided for our members are loans, checking accounts, savings accounts, online bill pay, and more

Federal Regulation D

We are required by Federal law to inform you about Federal Regulation D.  Here are some frequently asked questions and answers about Regulation D

Q: What is Regulation D?

A: Federal Regulation D places a monthly limit on the number of transfers you may make from your Prime Share (savings) Account without physical presence being required.  Transfer affected by this regulation therefore include:

  • Transfers made using the Internet
  • Transfers made using the telephone (telephone banking)
  • Overdraft transfers (made automatically to cover insufficient funds)
  • Transfers made by a Member Service Representative from your request by phone
  • Pre-authorized, automatic, scheduled, or recurring transfers

You are allowed (6) such transfers per month, per account.

Q: What can I do if I like to withdraw from my Prime Share (savings) account more than six times a month?

A: We recommend that you open a free Share Draft (checking) Account with us.  This type of account does not fall under Regulation D and there are NO LIMITS  on the number of transactions that one may have per month.

Q: If a Prime Share (savings) Account is used for Overdraft Protection has reached its Regulation D limit, will overdraft requests be honored?

A: No.  In that case you will receive a notice by mail and incur and “Insufficient Funds” charge for every overdraft attempted beyond your monthly limit.

Q: If I authorize a merchant to automatically withdraw payments from my Prime Share (savings) Account and not my Share Draft (checking) Account; do these count against my monthly limit?

A: Yes.  These payments (which you might know as “ACH” or “EFT” transactions), follow Regulation D limitations.  Any withdrawals attempted beyond your monthly limit will not be honored and the request for funds will be returned, unpaid to the merchant.  To avoid this situation, always make automatic payments using your Share Draft (checking) Account.  You will need to contact the merchant to arrange this change.  We will be glad to provide you with an informational sheet on how to do this.  Please be aware that your request could take more than a month to go into effect.