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Hello, I am a college student so I have a Student Savings and Checkings Account. Today, my Savings account switched to a STMT Transaction account. What does this mean? What is the difference between the two? And is there a way to change back? Thank you.
Alex, Egg Harbor Township
February 2, 2016 11:10:09 AM
In reply to Alex, Egg Harbor Township
Great to have you visit us on TD Helps, Alex.
If you currently have an interest bearing Savings account, 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 a TD Bank Store near you, please visit: http://bit.ly/TDStores.
Hope this helps and have a fantastic day.
Sandy D, Mount Laurel
February 2, 2016 11:11:23 AM