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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As Alternatives Credit Union has grown and changed, our use of the Credit Path model of financial empowerment has changed as well. Originally developed by Bill Myers as a way of understanding our members' financial situations and incorporating that into our business planning, the Credit Path describes where people are situated at various points along a continuum between poverty and self-sufficiency. Our job, as a community development financial institution, is to help our members move along that continuum by empowering them to make decisions, and offering opportunities, that will move them towards financial self-sufficiency. more»


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