It has recently been reported that words containing a multiletter grapheme are processed slower than are words composed of single-letter graphemes (Rastle & Coltheart, 1998; Rey, Jacobs, Schmidt-Weigand, & Ziegler, 1998). In the present study, using a perceptual identification task, we found in Experiment I that this graphemic complexity effect can be observed while controlling for multiple print-to-sound associations, indexed by regularity or consistency. In Experiment 2, we obtained cumulative effects of graphemic complexity and regularity. These effects were replicated in Experiment 3 in a naming task. Overall, these results indicate that graphemic complexity and multiple print-to-sound associations effects are independent and should be accounted for in different ways by models of written word processing.