resources Banking Notices

Important Regulation D Notice

June 03, 2013

Dear Member:

A review of your May 2013 activity indicated that you exceeded the limit of 6 electronic withdrawals from your share account(s). Due to federal regulations we would’ve had to charge you fees for the excess transactions.

We do not want to collect these fees. Please call us and we will help you determine the best way to avoid them.

For many members, the only change needed is the designated share account they have their pay/retirement funds deposited into each week or month.

Your March statement contained a letter describing the Regulation D limit of 6 electronic withdrawals from a share account each month and what happens if a member exceeds the limit.

In my opinion, this 34 year old regulation is not responsive to how members transact business today but until it gets revised we must follow it.

In 2012, an audit revealed the possibility of insufficient enforcement of Reg. D at the credit union, and, once cited, we had to review our process and make changes to fully comply. This is the case with Regulation D.

If you have any questions or concerns, please call (203) 288-1695 or stop by any of our branches.

Thank you for your cooperation.

Michael J. Hinchey President/CEO