Savings and money market accounts are highly regulated under Federal Law and have specific requirements regarding the type and number of transactions allowed.
Below is a list of transactions that are limited and unlimited. Limited transactions cannot exceed 6 per month.
1. Transfer for purpose of paying loans at the same bank
2. Transfer between two accounts in the same bank if made by mail, messenger, ATM or in person
3. Withdrawal from the account if made by mail, messenger, ATM, in person or telephone (if the check is mailed directly to the depositor)
If this limit is violated more than 3 times in a consecutive 12 month period, Federal Law requires that the account be closed, and funds be transferred to a transaction account.
Note: Fees may still apply to both Limited and Unlimited Transactions.