Skip To Content

Regulation D – Reserve Requirements Q & A

What is Regulation D?

Regulation D (Reg D) is a federal regulation that places a monthly limit on the number of transfers you may make from a non-transaction account (Savings, Money Maker, and Premier Money Maker accounts) without your physical presence being required. You are allowed six (6) regulation D transactions per month, per account. This regulation applies to personal and business savings accounts.

What accounts are affected and how?
  • Savings Accounts, Money Maker and Premier Money Maker Accounts: No more than six (6) withdrawal transactions may be made in one month per savings account, done through online/mobile banking, TEL-E$L, ACH, or by a Tele-Banker. This includes preauthorized, automatic, or telephonic transfers, including CheckOK, online banking transfers to a third party or to another account with us (excluding ESL loan payments), or Money Maker checks. ATM transactions are not included.
What transactions are counted as Regulation D transactions?
  • Telephone (TEL-E$L) transfers from Savings, Money Maker, or Premier Money Maker Accounts.
  • Tele-Banker transfers from Savings, Money Maker, or Premier Money Maker Accounts (making a transfer over the phone with an ESL representative).
  • Online/mobile banking transfers from Savings, Money Maker, or Premier Money Maker Accounts.
  • ALL Money Maker and Premier Money Maker checks not cashed in a branch or deposited in an ATM.
  • Withdrawals to a third party if by preauthorized, automatic, or telephone agreement including Automated Clearing House (ACH) transactions.
Does an internal transfer from a Savings, Money Maker, or Premier Money Maker count towards the limit of six transactions on Savings, Money Maker, and Premier Money Maker accounts?

Yes, you are only permitted or authorized to make up to six transfers or withdrawals per month if not done in person, by messenger, by mail, or at an ATM.

What transactions are not counted as Regulation D?
  • ALL ATM transactions.
  • Money Maker and Premier Money Maker checks presented at a branch payable to "CASH" or you.
  • ALL transfers to make ESL loan payments.
  • ALL transactions done at a branch.
  • ALL checking account transactions
How does Reg. D affect ACH withdrawal transactions?
  • Automated Clearing House (ACH) withdrawals from Savings, Money Maker, or Premier Money Maker Accounts are counted toward the monthly limit of six "convenient" withdrawals. They are unlimited from checking accounts.

Why does this not affect checking accounts?

  • Checking accounts are not affected by this regulation since they are considered transaction accounts.

Why do ATM transactions not count toward the six monthly transactions?

  • Transactions that you can perform without leaving your home are the only ones affected by this regulation (convenience).
Once an account has reached the monthly transaction limit, may a withdrawal or transfer still be done?
  • Once the monthly transaction limit has been reached on a Savings, Money Maker, or Premier Money Maker Account, withdrawals and transfers must be completed in person, by mail, or at an ATM.
What will happen if an ACH withdrawal tries to clear on an account that has reached the monthly transaction limit?
  • If an ACH withdrawal is the seventh transaction on a non-transaction account (Savings, Money Maker, or Premier Money Maker), it will be returned and ESL will send a notice to you.
How can an ACH withdrawal be switched from a savings to checking account?
  • The ACH originator (who is not ESL) may provide instructions on how to change a withdrawal from a savings to checking account.
How long will it take to change an ACH withdrawal from a savings to checking account?
  • It depends on the process time of the ACH originator. It typically takes at least one month from the time of the change request.
How many monthly ACH withdrawals may be done on a savings/money maker account and/or checking account and still be in compliance?
  • Six ACH withdrawals may be made from a Savings, Money Maker, or Premier Money Maker Account per month as long as there are no other "convenience" transactions: TEL-E$L, online banking transfers, Tele-Banking transfers, and Money Maker checks. An unlimited number of ACH withdrawals may be made from a checking account.
If an ACH withdrawal is returned on an account, am I notified?
  • ESL sends a notification letter to you when an ACH withdrawal has been returned because the monthly transaction limit was reached on a Savings, Money Maker, or Premier Money Maker Account.
What other options for ACH transactions are available from ESL?
  • You may use ESL Online Bill Pay to make unlimited payments from checking accounts.
How can I tell how many Regulation D transactions I have used this month?
  • You may view how many Regulation D transactions you have used by logging into online banking, selecting the “Account Transfer” drop down, selecting “Make/Schedule a Transfer,” then selecting your savings account from the drop down menu. The number of allowed transfers you have used will appear.