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What You Need to Know When Transferring Money from Your Savings Account

How many times can I transfer from my savings to my checking account?

You are limited on the number of transfers that you may make from your savings account by Federal Reserve Regulation D (Reg D). This restriction includes a limit of six transfers per month from a savings account or money market account at all banks or credit unions.

Transactions that are LIMITED to six per month include transfers from savings made by the following:

  • Withdrawals via an online banking account;
  • Telephone banking;
  • Automatic transfer of funds to cover an overdraft;
  • Transfers made by a banking representative on your behalf; and
  • Pre-authorized, automatic, scheduled or recurring transfers.

 

Transactions that are NOT LIMITED to six per month include:

  • ATM transactions;
  • Bill pay transactions which use funds from a checking account;
  • Transfers made to pay for bank or credit union loans;
  • In person transactions at a branch or shared branch; and
  • Transactions submitted by mail, express drop or night drop with an original signature.

 

What happens when I REACH THE MONTHLY transfer/withdrawal MAXIMUM?

Once the monthly maximum of six withdrawals or transfers per month has been reached the account holder must complete additional transactions at an ATM machine, in person at a branch or by mail. If the effected savings account is being used for overdraft protection and requires transfer of funds from an account that has used the six allowed transactions per month then overdrafts will not be covered and overdraft fees may be charged unless you have other available overdraft sources.  Transfers from an eligible line of credit to cover overdrafts are not affected by Reg D. Once all established savings and lines of credit sources are exhausted, Overdraft Courtesy Pay may begin to cover overdrafts and will assess a fee.

How can I ensure that my checks clear without interruption?

We recommend that you have adequate money in your checking account to cover your check before you write it. As mentioned above, two additional types of overdraft protection (that are not included in the Reg D transfer count) are line of credit transfers and Overdraft Priviledge coverage. Ask us for more information!