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I take funds from my savings and transfer it into my checking I would like to know if there is a limit to how many times I can do this per month
March 16, 2017 02:33:23 PM
In reply to Assim, Jamaica
Welcome to TD Helps, Assim. We'd be glad to help.
Regulation D is a government regulation that limits the amount of pre-authorized debits per statement cycle on Savings and Money Market accounts. Money Market and Savings allow up to six pre-authorized debits/transfers (for example, overdraft protection, transfer to Checking account, transfer to any other account) per statement period. Please review pages 6-7 of our Personal Deposit Account Agreement here http://go.td.com/1kb17UQ for more information about this regulation. This regulation does not restrict any deposits made into a Savings account, only debits or transfers out of the account.
If there are greater than six of these types of transactions which occur on your Savings account in a statement cycle, you may be assessed a fee. Please see https://go.td.com/2kFZ5mK to view our fee schedule. Please note, there are ways in which you're able to make withdrawals without exceeding this limit. The transactions which are limited for Money Markets and Savings accounts are:
- Pre-authorized ACH – Automated Clearing House debits (health club fees, insurance premiums, car payments and mortgage payments).
- Pre-authorized transfers (Overdraft protection, transfers to Holiday Club and transfers to a Checking account).
- TD Bank Online Banking and Telephone Banking transfers (transfers that are debited from the Money Market or Savings account).
- Request made via phone or fax for transfers (a request made by phone falls in the unlimited category if a check is mailed to the depositor as a result of the phone transaction)
- A check drawn on the account to any payee (this type of transaction is limited to Checking accounts and MMDA accounts)
- Debit Card purchases (this type of transaction is limited to Checking accounts)
- Wire transfers
Transactions that will not incur the Excess TX Fee are Over-the-Counter (OTC) withdrawals, ATM withdrawals, ATM transfers, Transfers for paying TD Bank loans and Transfers originated in person, by messenger or by mail.
To best assist you with your account, we invite you to call one of our Banking Specialists 24/7 at 888-751-9000, and we can review your accounts in further detail with you. Or, feel free to step inside any TD Bank Store here: http://go.td.com/1f9DSJR for assistance.
We hope this clears things up, Assim. Have a good day.
Megan K, Mount Laurel
March 16, 2017 02:33:32 PM