What is Reg D?
Federal Regulation D places a monthly limit on the number of transactions you may make from your Savings Account without your physical presence being required. Transfers affected by this regulation therefor include:
- Transfers made using Magic Teller Online Banking
- Transfers made using Magic Teller Audio Response
- Overdraft transfers (made automatically to cover insufficient funds)
- Transfers made by a Member Service Representative on your behalf
- Pre-authorized, automatic, scheduled or recurring transfers
You are allowed six such transfers per month, per account, but only three of those may be made by check (a check counts against the month in which it clears, not when it was written).
What transactions are not affected by Regulation D?
- ATM transactions
- Transfers made to BHCSCU loans
- Transactions done in person
- Transactions sent in by mail or Night Deposit
- BHCSCU 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 (transfers not allowed at the ATM).
If an account used for Overdraft Protection has reached its Regulation D limit, will overdraft requests be honored?
No, if the Overdraft Protection account is a Savings Account. In that case, you will receive a notice by mail and incur an Insufficient Funds charge for every overdraft attempted beyond your monthly limit. However, if the Overdraft Protection account is a Line-of-Credit loan (which is not affected by Regulation D) the overdraft will complete normally. To apply for a Line-of-Credit loan, contact the credit union.
I have authorized a merchant to automatically withdraw payments from my Savings Account; do these count against my monthly limit?
Yes. These payments (which you might know as “ACH” or “EFT” transactions) follow Regulation D limitations. Any withdrawals attempted beyond your monthly limit will not be honored, and you will receive a notice by mail and incur an Insufficient Funds charge. To avoid this situation, make automatic payments using something other than a Savings Account, such as your 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 BHCSCU Bill Pay to automatically send payments to the merchant, rather than authorizing the merchant to automatically withdraw payments.
What Kind Of Documents Are Available to Members?
Upon request, a member is entitled to review or receive a copy of the most recent version of the following credit union documents:
- Balance sheet and income statement;
- A summary of the most recent annual audit completed;
- Written board policy regarding access to the articles of incorporation, bylaws, rules, guidelines, board policies and copies thereof; and
- Internal Revenue Service Form 990.
Any of the information above can be requested in person at our office or if you would prefer to send a written request, please send requests to: Baylor Health Care System Credit Union, 4005 Crutcher St, Suite 130, Dallas, TX 75246.
How do I set up Direct Deposit or Electronic Draft from my account?
To set up direct deposit or electronic draft from your account, you will need the Routing # 311078886. The correct format for your account should be 10 digits.
Example: If your account number is 123456, then you would need to give the company the following account number 0001234560.