Important Reminder for your Share Savings and Money Market account(s):

The Federal Reserve Board's Regulation D requires all financial institutions, including credit unions, to limit certain transaction types for Share Savings or Money Market accounts. Transaction types and limitations are described below. 

Effective January 1, 2020, exceeding the transaction limit of six (6) will cause additional transactions to be denied and could result in fees being incurred for overdrafts, returned checks and/or possible late fees imposed by your payee(s).  

If you have any questions, or would like assistance in making changes to your account to avoid exceeding the transaction limits and incurring fees, please contact us at 805.477.4000 during regular business hours.

See entire REG D Notification Letter here.

Reg D - Reserve Requirements of Depository Institutions

Regulation D is a federal law that applies to all financial institutions insured by the federal government. This law restricts the number of transfers and/or withdrawals members may make from their savings or Money Market accounts using an audio response system (Telephone Teller), Online Banking, or automatic overdraft protection. Each member is limited to six (6) transfers/withdrawals per month from their savings or Money Market accounts, including pre-authorized payments/withdrawals or telephone and email requests to our Member Service Center. Regulation D affects savings and Money Market accounts but does not apply to checking accounts. Automatic overdraft protection from an AdvantageLine Line of Credit loan is not subject to this regulation. Furthermore, overdraft protection from a Ventura County Credit Union Line of Credit is FREE. There is no limit to the number of withdrawals/transfers a member may make from their savings account by mail, at an ATM or at a branch in person.

What types of transfers/withdrawals are limited by Regulation D?

Those where your physical presence IS NOT required. Transfers affected by this regulation include:

  • Transfers made using Online Banking
  • Transfers made using Telephone Banking
  • Overdraft transfers (made automatically to cover insufficient funds in other accounts; see below)
  • Transfers made by a Member Service Representative on your behalf
  • Pre-authorized, automatic, scheduled or recurring transfers (see below)
What transactions are not affected by Regulation D?
  • ATM transactions
  • Transfer payments made to a VCCU loan
  • Transactions done in person at a financial center (including shared financial centers)
  • Transactions sent in by mail, Express Drop, or Night Drop
  • Online Bill Pay (which uses funds from your checking account)

What are my options once an account has reached its Regulation D limit?

You may complete withdrawals and transfers in person, by mail, or at an ATM.

I have authorized a merchant to automatically withdraw payments from my Savings or Money Market account. Do these count against my monthly limit?

Yes. These payments (which you might know as "ACH" or "EFT" transactions) follow Regulation D limitations. To avoid this situation, make automatic payments using something other than a Savings Account or Money Market account, such as a checking account. Contact the merchant to arrange this change, and be aware that your request could take more than a month to go into effect. Alternatively, consider using Online Bill Pay to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.