On April 1, 2007 Martin Federal Credit Union will begin complying with Federal Regulation D.
Regulation D governs reserve requirements for financial institutions including Credit Unions, Banks, and Savings Institutions. It impacts the number of transactions Martin FCU may allow on non-checking deposit accounts (including savings, money market, and clubs). The Regulation was implemented by the Board of Governors of the Federal Reserve System, whose job it is to ensure that financial institutions maintain adequate reserves for the funds they have on deposit.
It limits the number of pre-authorized, automatic or phone withdrawals (including transfers) made each month on a savings-type account to a maximum of six per savings-type account. Balance inquiries and deposits are not limited.
There are no limits to the number of transactions, by any means, for checking accounts.
REGULATION "D" IS A DIRECTIVE OF THE FEDERAL GOVERNMENT, NOT OF MARTIN FCU
For more information on Regulation D click here or visit the Federal Reserve's Official website at www.federalreserve.gov/Regulations
