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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? Also, does this apply to in person withdraws/ transfers?
Haley, Lake Butler
October 14, 2015 10:24:57 AM
2 people recommended this |
In reply to Haley, Lake Butler
Thanks for coming by TD Helps, Haley. We understand your concern and would be glad to provide details regarding this notice.
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.
We hope this helps. Let us know if you have any other questions. Have a great one!
Yen D, Mount Laurel
October 14, 2015 10:25:48 AM
In reply to Yen, Mount Laurel
Hello, say I have a checking account and savings account.
Does this mean that if I transfer money from my savings account to my checking account more than 6 times in a month, it exceeds the limit/it is a violation?
January 14, 2016 09:05:17 PM
In reply to Jerome, Worcester
Thanks for joining the conversation, Jerome! We'll be sure to clarify your question regarding Regulation D.
If you make more than 6 electronic transfers from your savings account to your checking account, a fee would be assessed to your account and it would violate Regulation D. Please take a look here: http://bit.ly/1cTejgt to view our current Fee Schedule. Additionally, checking account transfers are unlimited at this time.
If you should have any additional questions, feel free to give us a call 24/7 at 888-751-9000, visit any TD Bank during lobby hours or send us a secure message through online banking. Click here: http://bit.ly/TDStores to find a TD Bank near you.
We hope this answers your question, Jerome and have a great night!
Katherine G, Mount Laurel
January 14, 2016 09:07:44 PM