Reg D Notification to Members

Reg D Notification to Members

As a valued member of Dirigo Federal Credit Union (Dirigo FCU), we want you to be assured that we strive for operational excellence and to deliver quality products to our members. When changes occur, we want to personally notify you of any impact it may have on your account.  We are contacting our members that hold a Money Market, Club, or Kasasa Saver account with Dirigo FCU which is identified as a non-transactional account by regulation. This notification is to inform you of our obligation to be compliant with Regulation D which governs non-transactional accounts.

Regulation D is a regulation for savings accounts, which includes Money Market, Club, and Kasasa Saver accounts that was established to prevent consumers from using their savings account as a checking account, which is identified as a transactional account by regulation. The regulation limits the number of electronic transfers or checks cleared to a combined maximum of six (6) transfers per calendar month.

Which transfer or withdrawal methods are limited to six per calendar month?

  • Checks payable to third parties
  • Telephone requests for transfer
  • Online banking transfers
  • Bill Pay transactions
  • Pre-authorized, automatic, scheduled or recurring transfers or withdrawals (ACH payments, transfers to other accounts)
  • Point-of-Sale (POS) or debit card transactions
  • Fax requests for transfers or withdrawals
  • Wire transfers
  • Mail requests for checks payable to third parties

Regulation D requires us to take steps to prevent excessive transactions in non-transactional accounts by limiting transactions in excess of the six (6) from your Money Market, Club, or Kasasa Saver account and requires that either the account be closed or that the funds be transferred to a transaction (or checking) account for account holders who continue to violate these limits. Other actions may include loss of internet transfer privileges or automatic overdraft transfers, if applicable.

This update to your non-transactional accounts will take effect on October 1, 2019. We thank you for your understanding as we continue to make efforts in following Federal Regulations. Please contact us with any questions or concerns at 207-784-5435 or 1-800-281-5435.

Thank you,

Nicole Mailhot, Chief Business Officer


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