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Financial Literacy, Financial Insight, Online Banking

How Many Transfers Can You Make from Your Savings in a Month? [FAQ]

One of our most frequently-asked questions is how many transfers from savings to checking are allowed in one month. Our savings account transfer limit is regulated by The Federal Reserve Board. We know that keeping track of withdrawal and transfer limits can get complicated, so we put together a list of the most common limits our members encounter. Read on to find out what the savings account transfer limit actually is

You can find the full details on our Electronic Funds Transfers Agreement & Disclosure.

Common Withdrawal & Transfer Limitations

SAVINGS ACCOUNT

Keep in mind that the below regulation applies to all accounts – except our club savings accounts. These accounts, including the Holiday and Vacation Club, charge a $10 fee for any withdrawal made before their maturity.

  • No more than six (6) transfers & withdrawals from your account to a different account, either yours or a 3rd party, within the span of a month.

ONLINE BANKING

Neither audio response or mobile banking has the below restrictions.

  • Maximum transfer limit of $1,500 for external transfers per day.
  • That limit extends to $5,000 per month for external transfers made through online banking.

DEBIT CARD

These restrictions are applicable to purchases made with your debit card and personal identification number (PIN).

  • Maximum of fifteen (15) debit card purchases per day.
  • You can spend a total of $2,500 per day, if you have sufficient funds, with your debit card.

ATM

  • Maximum of twelve (12) cash withdrawals per day.
  • You can withdrawal a maximum of $500 per day, if your account has sufficient funds.

Why Do These Limitations Exist?

The savings account transfer limit exists because of Regulation D. This is a regulation enacted by The Federal Reserve Board to ensure that savings accounts are not used as checking accounts. The Regulation D transfer limit is meant to encourage people to make the primary purpose of their savings account to save.

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