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Home >> Accounts >> Savings Accounts
Limit on Transfers: Why?
I have just been advised by my banking institution that I am limited to six transfers per month from my savings account to my checking account. First, please confirm that this is so, and secondly, why?
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 First, we confirm that transfers from your savings to your checking account are limited by regulation to six per month. Actually, there is a set of types of transfers from your savings accounts that are subject to that six-per-month limit, including those transfers, transfers via automated clearinghouse payments (for insurance premiums, as an example), debit card purchases, checks, etc.
The regulation places no limit on withdrawals or transfers from your savings account if you make those transactions in person at the bank or credit union or at an ATM, but if you can make the transfers from the comfort of your home or office using the telephone, online banking or a fax machine, or if the transfers are set up to happen automatically, they are subject to the six-per-month regulatory limit. The regulatory limit is part of the definition of savings account used in order for the Federal Reserve System to help control the supply of money in the country.
Published on BankingQuestions.com 6/04/09
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