I use my bank's online banking service all the time, and I really enjoy the convenience, but I just got a call from my branch manager asking me to come by and discuss the limits on transfers between my money market account and my checking account. I knew I could write only a very few checks on the money market account, so I limit my checkwriting to my NOW account, and transfer from the money market account when I need more money in the checkbook. Can't I get to the money market account when I want to?
The rules covering money market deposit and savings accounts are complicated, and your banker may have some information he/she can give you, in addition to talking with you. These rules aren't made up by your bank to add to life's little challenges. They're straight from laws passed by Congress, but be sure to have the discussion with your branch manager, since they may have attempted to simplify the rules a little.
You can transfer to your money market account as often as you wish. It's only transfers and payment from the account that are limited. Transfers you make from the account aren't usually counted toward the limits if you make them in person or at any ATM, but other transfers are limited to six per month or statement period (check which with your bank). The limited transfers from the account include --
transfers intiated by telephone, including requests placed directly with bank personnel and transfers made with a telephone banking system
transfers initiated by fax transmission
transfers made automatically per a "standing order" with the bank
transfers initiated using a home banking product, including online banking via the internet
As you've already noted, there's also a stricter limit (three per month or statement period) on checks or drafts to third parties, including debit card purchase transactions. These all are included in the six per month limit, too.
Think of this rule of thumb -- if the transfer from the account takes place automatically or you can complete it in the comfort of your home or office, consider it subject to the limits. If you have to go to the bank or an ATM to complete the transaction, it's not counted.
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The rules covering money market deposit and savings accounts are complicated, and your banker may have some information he/she can give you, in addition to talking with you. These rules aren't made up by your bank to add to life's little challenges. They're straight from laws passed by Congress, but be sure to have the discussion with your branch manager, since they may have attempted to simplify the rules a little.
