Quote:
Originally Posted by NoSoup
Hmmm.... Maybe my CU found a way around it somehow.
I was under the impression that the limit for 6 transfers before being unable to complete them or charged for them only applies (federally) to Money Market Accounts - accounts with higher interest rates simply because it discourages the use of withdrawals.
I personally utilize my savings just like a checking - I probably make at least a 20 transfers in and out of it per month, likely a lot more. I also have a checking account and a money market account at the same institution, and am only charged if I go over 6 online transfers with the money market.
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I am sure it only applies to online banking transfers, I was told that using a phone transfer or ATM or in person does not affect the limits.