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I am paying off student loans and the account was set up to withdrawal my monthly dues from one of my savings accounts. I am wondering if paying for something directly out of savings account would constitute "withdrawing from savings as if it were a checking account," which would mean a strike against me since you can only transfer money out of a savings account to a checking account/withdraw from an ATM so many times within a month. Sorry if this is worded weirdly, I hope my question makes sense.
December 1, 2017 12:43:51 PM
In reply to Mollie, Marblehead
Hi Mollie! Your question absolutely makes sense and we'd be glad to help.
Your loan company will be initiating ACH transactions for these payments if they intend to use your savings account. These would qualify as an electronic payment and would be included in the 6 allowable electronic transactions per statement cycle.
This limit is due to Regulation D, which is a Government regulation that limits the number of monthly transactions you can make from Money Market and Savings Accounts. Checking account transfers are still unlimited.
We'd be glad to provide you a list of the transactions that would be limited:
- Pre-authorized ACH – Automated Clearing House debits (health club fees, insurance premiums, car payments, and mortgage payments).
- Pre-authorized transfers (overdraft protection, transfer to Holiday Club, and transfers to a checking account).
- TD Bank Online Banking and Telephone Banking transfers (debited from the money market or savings account).
- Request made by phone or fax for transfer
- Wire transfers
There are transactions you can make on your savings account that are unlimited. Those are as follows:
- Over-the-Counter (OTC) withdrawals with a teller.
- ATM withdrawals.
- ATM transfers.
- Transfers originated in person, by messenger or by mail.
We hope this info helps, Mollie! If you have any additional questions, please don't hesitate to give us a call 24/7 at 888-751-9000 or stop in to see us at any of our Stores. To find one near you, please click here: https://go.td.com/1nq31dc.
We hope you have a great weekend and wish you Happy Holidays!
Candice A, Mount Laurel
December 1, 2017 12:44:26 PM
In reply to Candice, Mount Laurel
Hi I check my account and get withdrawl fees take 100$ only I use this card for pay sometime items in android, is for this reason or for what I pay 100$
Emmanuel Jesus, Halifax
December 4, 2017 12:08:04 PM
In reply to Emmanuel Jesus, Halifax
Thanks for visiting us at TD Helps, Emmanuel Jesus!
It sounds like you may have a transaction on your account that you don't recognize. We know this can be concerning, so we'd like to take a look at the charge to provide you with any info we may have.
As TD Helps is considered an unsecure forum, we're unable to provide account specific information, but we can help to direct you. Please give us a call at 888-751-9000. We have Representatives available 24 hours a day, 7 days a week that can help review this transaction with you. You may also send us your inquiry by secure message through your online or mobile banking. To send a secure message, log into your TD Bank online profile by clicking here: https://go.td.com/1eaISlq. Once you've successfully logged in, look for the 'Message Center' on the left hand side and select 'Send a secure message'. From your Mobile Banking, log in and select 'Send a Secure Message' from the side Menu. We can generally respond within 24 hours or less.
We see that you're writing in to us from Halifax. Please know that you've reached us here at TD Bank in the U.S. If this is actually in regard to an account you have with our friends at TD Canada Trust, we'd like to help get you in touch with a Specialist there that can also assist. You can reach their 24/7 Customer Service line at 866-222-3456. We also want to provide you with a link to all of TD Canada Trust's contact info. You can find that by clicking here: https://go.td.com/2tp27BR.
Either way, we hope to hear from you soon so that we can get to the bottom of this for you.
Take care and Happy Holidays!
Candice A, Mount Laurel
December 4, 2017 12:08:19 PM