Savings Account - Quarterly Transactions
Answer by John Burnett, BOL Guru Guru Bio
Question: We have a few savings accounts that have quarterly statements. Within a calendar quarter how many transactions, such as transfers to another account, can a customer have? For example, the customer has twelve transactions within the quarter (four per month).
Answer: The answer depends on how the transactions are initiated. If they are pre-authorized (standing order), or individually authorized by telephone, fax, or Internet/online banking, the limit is six per month. That would mean the customer could have eighteen per quarter, but they cannot be grouped so that more than six fall into a given month. If the transfers are made in person or at an ATM, they need not count toward the monthly limits.
[Editors Note: As of 7/2/09, the separate limit of three per month for checks, POS debit card transactions, etc., has been eliminated, and those transactions are now only subject to the 6/month limit that applies to other restricted transfers and withdrawals.]
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