I understand that under Regulation D it is only permissible to have up to six covered transfers or withdrawals in a month on a savings account. My questions relate to what is considered "covered." Under Reg D, do automatic transfers that you signed for to have done on either a weekly basis or every two weeks, count as individual transfers or as one if the transfers are going from one savings account to a sub savings account under the same account number? Also I was told by X Credit Union that they do not monitor online transactions with Reg D because the person signed the application and it's their (the member's) responsibilty for any of the transactions if any are done. In fact, they don't monitor any transaction whether it's signed or unsigned. Phone and online are done unlimited. I know this because I use to work there. I've switched to another institution since I left and was wondering about this.
Each individual automatic transfer from a savings account to any other account counts toward one of the six transfers. Phone and online transfers are subject to the same limits.
We can't comment on the credit union's practices because we can't observe them firsthand. However, what you describe appears to leave the credit union open to citation for failure to enforce the Regulation D transfer limitations.
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Each individual automatic transfer from a 