*THIS FEE DOES NOT APPLY TO CHECKING ACCOUNTS*
Regulation D requires financial institutions to limit withdrawals or outgoing transfers to six (6) per month from savings and money market accounts. Regulators require a financial institution to either stop transaction number seven (7) or charge a fee to be in compliance.
Transactions that do NOT count toward the six (6) include any withdrawal or transfer made in person with a teller, at an ATM or by mail. If you do not withdraw or transfer more than six (6) times per month, this fee does not apply.
The purpose of the six (6) transaction limit is to prevent a savings account from being used like a checking account, and help you build your savings. The regulation allows six (6) withdrawals and/or transfers of any kind, at no charge. Withdrawal or transfer number seven (7) is charged a $10 fee if it’s from the column on the left. However, any transaction over six (6) related to overdraft protection will reject and the standard Courtesy Pay or NSF fee of $35 per transaction applies.
|Transactions DO NOT Count Toward 6:|
Withdrawals and transfers made: