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I am a new customer at TD bank. I have both a checkings and a savings account. My questions: a) What is the difference between these two types of account? b) Can I also wire money internationally directly into my savings account? c) Can I transfer money from my savings account to the account of someone else? Thanks.
April 1, 2016 11:59:38 AM
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In reply to Johannes, Medford
Great question, Johannes. We'd be glad to clarify!
There are a few differences between checking and savings accounts. One of the main differences between the two are the types of transactions you're able to make. Savings accounts are able to conduct a certain amount of transactions in a month due to Regulation D. Because Savings accounts are interest bearing, Government regulations place 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.
Please note that Customers who make more than six of these transactions during the statement cycle can be assessed a fee. Please take a look here: http://bit.ly/1cTejgt for our current Fee Schedule. Checking account transfers are unlimited at this time.
Some of 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
Savings accounts are also unable to make transactions with your debit card. Though you are able to link your savings account to your card and withdraw funds from the ATM, transactions processed online or at store locations will always be debited from you checking account.
In regards to your specific questions, you are able to wire transfer funds from either your checking or savings account as well as receive wire credits (international and domestic) to both account types. Keep in mind that there may be a fee assessed for a wire transfer. Please refer to the Fee Schedule mentioned above to learn more about any applicable fees.
Keep in mind that if you're referring to making transfers from you savings account via Online Banking, you are able to initiate transfers between your accounts with TD and other institutions however Person-to-Person Payments are unavailable using savings accounts at this time.
If you have any additional questions, feel free to let us know or reach out to us directly. You are able to call us 24/7 at 888-751-9000, visit any TD Store during lobby hours or send us a secure message via Online Banking.
To take a look at TD Stores and their hours please visit http://bit.ly/TDStores.
To send a secure message you must first logon to your TD Bank online profile. You can do so by clicking here: http://bit.ly/1eaISlq. On the left hand side, you should see an option to "Send a secure message" located in the “Message Center."
We hope this helps, Johannes and have a good day.
Megan K, Mount Laurel
April 1, 2016 11:59:50 AM