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I have an account with my daughter and regarding transfers, I received a notice saying something about switching to a transaction account...what is this
October 20, 2014 01:20:51 PM
In reply to anita, bayonne
We appreciate your visit to TD Helps today, Anita! Great question and we're happy to assist you.
If you currently have an interest bearing Savings account with your daughter, please be advised that because of Regulation D, a Government regulation which places limitations on the number of monthly transactions that can be made from a Money Market and/or Savings Account, you are limited to six total electronic debit transactions per statement cycle.
The limitations on Money Market and Savings Accounts include:
1. Pre-authorized ACH – Automated Clearing House debits (health club fees, insurance premiums, car payments, mortgage payments).
2. Pre-authorized transfers (overdraft protection, transfer to Holiday Club, transfer to checking account).
3. TD Bank Online Banking and Telephone Banking transfers (debited from the money market or savings account).
4. Request made by phone or fax for transfer
5. Wire transfers
We invite you to review our Personal Deposit Account Agreement http://bit.ly/1kb17UQ, the Withdrawal Policy can be found on page 7 for more information about this regulation. You may also find more information about this regulation and transaction accounts here: http://1.usa.gov/1FrBCMm. Please also take a look here: http://bit.ly/1cTejgt for our fee schedule.
If you exceed the transaction limit, you will be notified on the first two occurrences by letter. On the third occurrence: Personal Savings are automatically converted to a transaction Savings account. You are 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 normal 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, Anita! Let us know of any other questions and have a wonderful day.
Colleen B, Mount Laurel
October 20, 2014 01:21:59 PM