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Fed Regulation D hits the CU - I had no idea this was coming down.

gringott

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#1
As of 1 Dec 2017, I will only be allowed to transfer 6 times between my two CU accounts a month.
I had no idea this was coming. I can transfer more times in person or by mail of all things.

"Dear Credit Union Member:

Thank you for your continued membership with us. As your financial partner, we would like to review compliance information regarding Federal Regulation D (Reg D).

All financial institutions, including CU, are required to monitor member compliance with Regulation D. This involves certain limits to your savings and money market account transactions. Here is a quick reference for the allowable transactions during any given month:

Savings & Money Market Transaction Guide
UNLIMITED TRANSACTIONS/MONTH:
In-person at a branch
ATM transactions
Mail and written requests
Transfer payments made to a CU Loan
LIMITED | 6 TRANSACTIONS/MONTH:

Electronic payments

Phone requests

Online transfers

Automatic payments


We are here to help you adhere to Regulation D compliance requirements and can review your accounts in detail with you. Please feel free to call us at 800-xxx-xxx with additional questions or stop by your nearest branch for one-on-one assistance.

We have provided some Frequently Asked Questions that may help you better understand Regulation D requirement specifics.

We are “People Helping People”, and are happy to help you in every aspect of your financial life.

Sincerely,

VP Retail Operations | Credit Union

End


This if I am interpreting it correctly will be a big block on how I manage my money now. I really do not get the intent of the law.
I am going to have to rethink how I do business from December 1st on.

Anybody else heard about this coming or have been notified about it?
I just happened to see it mentioned on the CU home page.
 

the_shootist

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#2
All I will need is one transaction.....a single cash withdrawal to close my accounts and they can report it to the Feds as they wish. It's my money and it's been there for a long time. Time to come home to Daddy you little $$ rats you!
 
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gringott

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#3
Further reading, Reg D does not apply to checking accounts. So this rule it seems only applies to the share savings accounts.

I'm worried about this and what it portends. Nothing good I am sure.
 

gringott

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#5
at what point will they restrict ANY transfer/withdrawal?
There are so many restrictions and rules now about accessing your own money I can't keep track, like this one that popped out of the woodwork, yet the little I could find about it is from back in 2016. You would think this is something the "financial press" and your own bank or CU would have brought to your attention by now. If I didn't spot the little blurb on the webpage, I wouldn't have known a thing about it until I violated the rule early next month.

I now have to rethink my CU accounts and how I operate now. I've had these accounts for decades, I guess at this late stage in life I have to rethink the whole financial situation. I have been meaning to get out of the "savings" account racket due to the danger in the future of losing access to my own money whenever TPTB decide to keep it. I guess now is the time.

I also find it very odd they have restricted online banking transfers but you can do all you want in person.
Dosen't this contradict the whole "let's get away from brick and mortar banking" meme?
 

Agavegirl1

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#7
I have many tax clients that only have one bank account...a savings account. Their payroll goes in and all of their bills are paid through this account. A limit of 6 bills per month will put a strain on these lower income clients.
 

the_shootist

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#8
I have many tax clients that only have one bank account...a savings account. Their payroll goes in and all of their bills are paid through this account. A limit of 6 bills per month will put a strain on these lower income clients.
Looks like they'll need to take their paycheck to the bank and cash it then run to the post office to buy and mail out money orders to pay their bills. That used to work back in the day believe it or not! We got by with pay phones to communicate and malt shops to hang out in too!
 
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Uglytruth

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#11
My bank started charging $7 mo for checking. I pulled 2 checking & the bulk of my other funds & went to a new bank that didn't charge.
My old bank asked if I was closing all of my accounts & I said no I'm leaving some for my convenience. She asked why I moved the bulk of my
money & I told her 0.05% was already like paying a monthly checking fee so she don't get the bulk of the money & to tell her boss.
Interest rates have risen but could they pay any more...... no. I mean with 66% of population can't scrape 1K together just how much would it really cost them?
Talk about getting fleeced coming & going.......
 

<SLV>

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#12

gringott

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#14
This isn't new. I understand why they would want to set limits on a money market account.
Money market I get.
Also, this isn't a CU or Bank rule, this comes straight from the FedRes.
 

hammerhead

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#15
The reason for the limits of transactions with an interest bearing accounts is beyond me. It's not like they put a dollar amount limit. A checking account has no limits that I can see. But, with the regulation d saying it is part of how all lending institutions must have a percentage of their assets in available form, I would think your CU may not be as strong as it should be. Just my opinion.
 

gringott

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#17
Spot on Hystckndle. Direct deposit means they owe me money, as they have it and I don't.
I guess they have the cash, so they can make up any rules they want to restrict me from getting it when I want.
I'm just another creditor of the banksters. They will pay me when they feel like it.
 

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#18
If the world is revolving around debt & debt is the only thing keeping anything moving......... why are those with a few bucks getting NOTHING?
 

Treasure Searcher

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#19
Neighbor was a very "tight ship" businessman. He was on the board of the local credit union (CU). My neighbor was sharp as a tack in financial (tax preparation, insurance , etc.) affairs. The manager at the local (CU) said "everything is alright". It wasn't. My neighbor could not even sniff out the CU's failing. Then the CU failed. That CU merged with another one and they are stupid in the ways they run, too.

If you are a member of a CU, you need to read the financial statements and attend the annual meetings. Ask questions. Do not apologize for any questions you have. Its your credit union. They are supposed to work for you. If they say the Federal Gov't requires them to do something, then ask them to show you where the regulation is. The CU may have its hand tied behind its back from the Federal Gov't or not.
 

<SLV>

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#20
I quit banks a long time ago. My CU has recently been tightening up controls. Daily debit card use is now limited to $700. Anything above this will be declined. Supposedly this is to prevent fraud loss in the case of a stolen debit card.

Also, law enforcement nowadays automatically assumes you are a criminal if you have a large amount of cash (or if you make a large cash withdrawal). The government wants to control all people, by controlling all money, by tracking all money.
 

gringott

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#21
Actually it looks like this law has been in effect since 2016. I think they were not enforcing it and the Fed put the screws on them. Very stable CU, one of the best mortgage lenders out there. No subprime anything. Most of the customers are either in the Army or work for the Army or are retired from the Army or working from the Army.