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Home >> Accounts >> Savings Accounts
About Withdrawal Restrictions
On a regular savings account, what are the restrictions for making withdrawals per month?
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Untitled
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 Your deposit agreement may say something like this:
"You may have no more than six debits or transfers per statement cycle to another account of yours at this institution or to a third party. These transfers may be preauthorized or automatic transfer or telephonic agreement, but no more than three of the six may be by check, checks converted to electronic transactions and electronic bill payments to third parties. Transactions not within these limitations may result in the closure of your account. Also, you may visit the bank to withdraw funds, have us mail a check payable to you, or withdraw money with your ATM card. These are not third party transactions and are not limited; however, normal transaction fees will apply."
In a nutshell, the banking regulations restrict the account to six transfers and not more than three may be by check, draft or similar order. Your bank may be more restrictive, just not less restrictive, and they may impose a fee at any point on the transactions (i.e. the first, second, third, etc. or not at all). While the banking regulation covers "third party" tranfers, some banks also restrict those two party (you and your bank) withdrawals at the teller window or at an ATM.
Published on BankingQuestions.com 2/26/09
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