Dingobiscuit
My boss just had this happen to him. It pertains to limitations on non-physical withdrawals (ATM/teller) from a savings account. I had never heard of this, so I thought I would pass along to everyone, just in case. - Dingo
Limitations on Frequency of Transfers - For security reasons, and to enforce federal regulations, there are certain limits on the number of transfers you may make using your Access Device.
1) Each of your savings accounts is limited, by federal regulation, to six (6) telephonic, computer, and/or preauthorized transfers per statement cycle.
Within any monthly statement cycle you may make up to six (6) withdrawals or transfers including, but not limited to, telephonic, computer and/or preauthorized transfers from each of your savings accounts. These withdrawals or transfers do not include in-person withdrawals or withdrawals at ATMs.
If any telephonic, computer and/or preauthorized transfer from your savings account exceeds the limit of six (6) per monthly statement cycle, we reserve the right to limit your withdrawal privileges, revoke your Card and terminate your transfer privileges, or close your account.
Limitations on Frequency of Transfers - For security reasons, and to enforce federal regulations, there are certain limits on the number of transfers you may make using your Access Device.
1) Each of your savings accounts is limited, by federal regulation, to six (6) telephonic, computer, and/or preauthorized transfers per statement cycle.
Within any monthly statement cycle you may make up to six (6) withdrawals or transfers including, but not limited to, telephonic, computer and/or preauthorized transfers from each of your savings accounts. These withdrawals or transfers do not include in-person withdrawals or withdrawals at ATMs.
If any telephonic, computer and/or preauthorized transfer from your savings account exceeds the limit of six (6) per monthly statement cycle, we reserve the right to limit your withdrawal privileges, revoke your Card and terminate your transfer privileges, or close your account.