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I received a notice in the mail saying that I recently exceeded the federal Regulation D withdrawal limit on my savings account. It's my first notice of the violation. I just want to know what this is, and does it mean that I can no longer withdraw/transfer money from my savings account? If so, when can I make another withdrawal/transfer?
Sarah, Bronx, NY
February 19, 2015 01:07:41 PM
10 people recommended this |
In reply to Sarah, Bronx, NY
Thank you for coming to TD Helps with your question, Sarah. We will be happy to give you the procedures to follow.
For an interest-bearing Savings or Money Market 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. 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
Please also review our Personal Deposit Account Agreement http://bit.ly/1kb17UQ (Pages 6 and 7) for more information.
If you have additional question or concerns, we recommend contacting our 24/7 Banking Specialists at 888-751-9000 or visit your local TD Bank store during normal lobby hours for additional information and assistance. To find TD store locations near you, please visit, http://bit.ly/TDStores.
If you have any other questions, please do not hesitate to ask! Sarah, have a great day!
LiShu R, Mount Laurel
February 19, 2015 01:08:36 PM