I went over my transfer limit in the last billing cycle on my savings account. My account was locked up. Do I have to go to my bank to transfer money, or can I use the ATM?
Untitled
If you exceeded the allowed number of transfers, you may want to go to the bank and perform your transaction in person. In most cases this would be allowed, because it is transfers to third parties that are limited. Your bank has additional restrictions built in that completely restrict the transfers you can make. The ATM isn't a third party, but they too can be restricted, depending on the account type you have.
If this has happened before or you think it may happen again, you should open an account with fewer restrictions. These transfer limits are imposed by law. The accounts generally pay better interest rates because of the limitations and higher balance requirements. but if you incur fees or have limited access to funds you need, that isn't the account for you.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
If you exceeded the allowed number of transfers, you may want to go to the bank and perform your transaction in person. In most cases this would be allowed, because it is transfers to third parties that are limited. Your bank has additional restrictions built in that completely restrict the transfers you can make. The ATM isn't a third party, but they too can be restricted, depending on the account type you have.