Do you treat your savings account like a checking account? It’s tempting to keep the bulk of your funds in your Pine Tree savings account and transfer funds only as you require. However, the number of withdrawals and transfers per month from your savings account is limited due to federal regulations.
You are permitted up to of any combination of the savings withdrawal transactions within a calendar month not including loan payments. No more than 3 of the 6 transactions may be made by a check or check card payable to third parties.
Accounts that are affected by Regulation D
- Savings Accounts
- Money Market Accounts
- Certificate Accounts
- Special Savings
- Holiday Accounts
Types of transactions subject to Regulation D
- Transfers made through Internet Banking
- Transfers made over the phone
- Pre Authorized or Automatic Withdrawals
- Overdraft transfers from a savings account