Small Business Banking
Private Client Group
Personal Financial Services
For the quickest answer, search previously asked questions below. Chances are, others have asked a similar question and there's already an answer waiting for you. If you can't find a match, ask a new question and our team members will answer.
I would just like to know what the difference between a normal student savings account and a transaction savings account is.
September 15, 2016 06:41:21 AM
Saving & Managing Your Money
In reply to Zach, Boston
Thanks for your question, Zach. We'd be glad to discuss.
Based on your question, it sounds as though you're referring to Federal Regulation D. We would be glad to discuss what this means with you!
Regulation D is a government restriction that prevents activity on savings accounts. If the transfer restriction is exceeded, you will notice a fee on your savings account listed as "Excess TX Fee." This fee is assessed when your Savings or Money Market account exceeds six withdrawals during a statement cycle. To take a look at our Fee Schedule, please visit here: http://go.td.com/1cTejgt.
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.
Please know that after three occurrences of exceeding the transfer limit as you mentioned, your account will be converted into a transaction savings account. If this were to occur, TD will send you written documentation of this change. The account type that any previous account would be converted to, may vary from account to account. Because of this, we recommend reaching out to us directly for assistance. To do so, you are able to contact us 24/7 by dialing 888-751-9000 or by visiting a TD Store during lobby hours. To take a look at Store locations and their hours please visit http://go.td.com/1f9DSJR.
In addition, if you are enrolled for Online Banking, you may send a secure message using www.tdbank.com. To send a secure message you must first logon to your TD Bank online profile. You can do so by clicking here: http://go.td.com/1eaISlq. On the left hand side, you should see an option to "Send a secure message" located in the “Message Center."
Please know that we would like to assist you directly however, TD Helps is considered an unsecured forum and we do not have access to your account/personal information.
We hope this information helps, Zack. Have a good day.
Megan K, Mount Laurel
September 15, 2016 06:41:35 AM
1 person recommended this