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#1835115 - 07/22/13 04:34 PM ATM cards issue on Savings accounts
Lilly C Offline
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Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
Does your bank issue ATM cards on your savings accounts?

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Deposits and Payments
#1835118 - 07/22/13 04:36 PM Re: ATM cards issue on Savings accounts Lilly C
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
We used to do that in the past, but we've stopped that practice.
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#1835124 - 07/22/13 04:41 PM Re: ATM cards issue on Savings accounts Lilly C
NotDoneYet Offline
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NotDoneYet
Joined: Jul 2010
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PA
We do.

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#1835132 - 07/22/13 05:02 PM Re: ATM cards issue on Savings accounts Lilly C
Lilly C Offline
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Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
There's no regulation preventing us but I consider it too much of a risk. So far we've been handling it on a case by case basis and only issuing atm cards instead of debit cards.

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#1835174 - 07/22/13 06:29 PM Re: ATM cards issue on Savings accounts Lilly C
John Burnett Offline
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John Burnett
Joined: Oct 2000
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Cape Cod
The major argument against issuing debit cards to access a savings account (only) are (1) the transaction limits applicable to savings accounts under Regulation D 204.2(d)(2), and (2) the fact that some networks don't permit a savings account to be listed as the primary account accessed by such a card.

Even many ATM cards can be used in ATM networks to complete PIN-authorized purchases at participating merchants. Those transactions would be counted toward the monthly 6 per month Regulation D limit, too. However, most banks have found that savings only ATM cards have not been as problematic as savings-only debit cards because the number of places they can be used is smaller.
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#1835175 - 07/22/13 06:32 PM Re: ATM cards issue on Savings accounts Lilly C
Lilly C Offline
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Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
Thanks you all for your input and quick response.

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