Savings (and Money Market) accounts are federally regulated to 6 withdrawals or transfers per statement cycle(month). The idea behind this is that savings accounts are meant to be used for saving and should have a only a limited number of withdrawals/transfers out per month. If you exceed 6 withdrawals per month 3 times within a rolling 12 month period, the savings account must be closed and/or converted to an account not subject to the limitations (basically your only options are a checking account or CD - if you want to keep it at a bank).
So what constitutes a withdrawal and do any transactions not count toward the 6 per month?
Does NOT count towards the 6/month: mail, ATM, in person, telephone (if a check is mailed to the depositor, or an in-house loan payment)
Does count towards the 6/month: telephone transfers between accounts, online banking/internet transfers, preauthorized (1 time and automatic) ACH withdrawals & transfers to a third-party
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