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I believe I reached my 6 transfer out of my savings out to my checking for the month and I have received excess transfer fees. If I go to an ATM to take money out for gas, would I be charged a excess fee or penalized in any way?
April 29, 2015 10:20:14 AM
Saving & Managing Your Money
In reply to Michael, Haverhill
Thanks for reaching out to us today, Michael.
Savings & Money Market accounts are regulated by the governmental Regulation D, a restriction which limits the amount of pre-authorized debits per statement cycle. This regulation does not restrict any deposits made into a Savings account, only debits or transfers out of the account. You may use an ATM to deduct funds from your Savings account without going against the six allotted debits.
The limitations on Money Market and Savings accounts include up to 6 debits per monthly period of the following transaction types:
-Pre-authorized ACH – Automated Clearing House debits (health club fees, insurance premiums, car payments, mortgage payments, generally any bill payment)
-Pre-authorized transfers (overdraft protection, transfer to checking account, transfer to any other account)
-TD Bank Online Banking and Telephone Banking transfers (debited from the money market or savings account)
-Request made by phone or fax for transfers out of the account
-Wire transfers from the Savings or Money Market account
Please review pages 6 & 7 of the Personal Deposit Account Agreement here http://bit.ly/1kb17UQ for more information about this regulation. You may also find more information about this regulation directly on the Federal Reserve website http://1.usa.gov/1FrBCMm. Please take a look here if you have any questions about the fee schedule for your account: http://bit.ly/1cTejgt.
If you happen to exceed the transaction limit during a statement period, you will be notified on the first two occurrences by letter via mail. Please note, on the third occurrence, Personal Savings accounts are automatically converted to a transaction account and you will be informed in writing of the changes. Depending on the original account type, this change may reduce the interest rate and earnings.
You may give us a call at 888-751-9000 or visit your local TD Bank Store during lobby hours for additional information and assistance. To find out TD Store locations near you, please visit, http://bit.ly/TDStores.
Hope you stop by again soon and a have a fantastic day.
Sandy D, Mount Laurel
April 29, 2015 10:23:53 AM