Why are there limits on the number of transfers I can make out of my savings account?
Financial institutions offering savings accounts are restricted by banking Regulation D as to what these accounts may do. Failure on their part to enforce these restrictions may lead to them being fined. A savings account, which includes your traditional savings accounts as well as Money Market Deposit Accounts, are limited to no more than six transfers per month (or statement cycle) to third parties. Of these six, no more than three may be from a check, debit card or something similar, but the key here is that these are transfers to third parties. You may make unlimited transfers at the teller window where you make a withdrawal or which do not include a third party. Your financial institution may have a policy that is more stringent or imposes fees for transfers.
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Financial institutions offering savings accounts are restricted by banking Regulation D as to what these accounts may do. Failure on their part to enforce these restrictions may lead to them being fined. A savings account, which includes your traditional savings accounts as well as 