Is there any limit on how many times I can withdraw fuds from my savings account every month? Actually, I don't take out much amount from ATM so that I don't spend much.
As per
Federal Reserve Board (Reserve Requirements for Depository Institutions
Regulation D), usually you can withdraw money 6 times from your savings
account in a month.
Your account may automatically be characterized as a checking account if
you withdraw more than 6 times a month.
You
must keep in mind that those 6 transactions will include pre-authorized
automatic transfer, transfers via online banking (including bill pay),
withdrawl by check, debit card, or similar order made by you and payable
to any third party. If the bank sees you doing this more than 3 times,
they may charge you a monetary penalty per transaction above the
limit.
Apart from that, few banks just don't allow the transaction, and instead
give an error message. Also, your account may automatically be
re-characterized as a checking account.
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Your account may automatically be characterized as a checking account if you withdraw more than 6 times a month.
Sub: #1 posted on Thu, 09/15/2016 - 05:42
Industry Expert
(Posts: 2670 | Credits: 372)
Apart from that, few banks just don't allow the transaction, and instead give an error message. Also, your account may automatically be re-characterized as a checking account.
Sub: #2 posted on Fri, 09/23/2016 - 06:15
(Posts: 330 | Credits: 45.4)