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and paycheck deposits included? Example: I set up a direct deposit from two employers which makes total of 6 direct deposits per month, and I also deposit small amount of cash twice during the same month. Does this mean that I am over the limit of 6 transactions given that i have deposited money in the simple savings 8 times?
Evo, Newark, Delaware
November 11, 2014 10:43:07 AM
In reply to Evo, Newark, Delaware
Hi Evo, thanks for reaching out to us at TD Helps. We're glad to clarify any questions you have about your new Savings account!
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. The limitations on Money Market and Savings accounts include up to 6 debits per statement 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 are automatically converted to a transaction Savings 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.
We recommend contacting our 24/7 Banking Specialist 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.
We hope this is helpful information, Evo! Let us know if you have any other questions and please have a wonderful day!
Yen D, Mount Laurel
November 11, 2014 10:52:57 AM