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  Home >> Accounts >> Savings Accounts  
Federal Regulations for Savings Account Use

Could you please tell me what the federal regulations are for use of a savings account at a financial institution?


If you are asking about any transfer limitations imposed on your account, a Federal regulation (Regulation D) requires that your bank impose transfer restrictions on savings accounts. The accounts are limited to six transfers per month when those transfers are to other accounts of the customer in the same institution or by preauthorized transfers to other parties. Transfers made in person (by the customer at the bank) or at an ATM aren't counted, but if you can make the transfer from anywhere else, it counts toward the monthly limit of six. No more than three of the six transfers can be made by check or debit card purchase. There are several technical provisions in the rule, but the restrictions we've described are a good summary.

Published on BankingQuestions.com 8/02/07