Internal Transfers

• You can make no more than six savings account transfers per month if those transfers are preauthorized or automatic transfers that move funds from the savings account to another of your deposit accounts. Transfers initiated online, by fax or over the phone are also covered transactions under Regulation D and are limited to six per month. However, there are no limits on the number of times that you can transfer money from your savings to pay a loan or fees related to a loan within the same bank.
  
  

Third Party Transfers

• Automatic transfers and preauthorized to accounts owned by third parties but held by your bank are covered transactions under regulation D. Internal transfers that you arrange via fax, phone or Internet banking are also covered withdrawals even if those transfers involve your account and an account that belongs to someone else. Transfers to third parties that are made with a check, debit card, ATM card or bank draft are also covered transactions under regulation D.
  
  

Non-Covered

• You can transfer money from your savings account to your other deposit accounts without restriction if you initiate those withdrawals at an ATM, via the mail or through a messenger service. You can also make unlimited transfer from your savings if you conduct the withdrawals in-person at the bank. You can make payments to accounts that you operate without having to contend with any restrictions if you make those transfers in-person, via the mail, a messenger service or at an ATM. Transfers into your savings account are also unlimited.
  
  

Other Considerations

• If you exceed the withdrawal limit for the statement cycle then your bank must send you a letter reminding you of the regulation D limits and your bank can also assess a penalty fee. If you exceed your withdrawal limit several times, your bank cannot allow you to continue to use your account as an interest bearing savings account. Your bank will convert the account into a non-interest bearing checking account. The account number remains the same.