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Ok! Get ready, it's going to be a long one!
Money Market Accounts
You may make unlimited withdrawals or transfers to other accounts housed at the same institution in person or at an ATM from your money market account. However, federal regulations limit third-party transactions or pre-authorized transfers from your account (including overdraft transfers) or transfers made by personal computer (including online banking or bill payment services) or telephone (including faxes or data transmission) to six per month, no more than three of which may be made by check, draft, or debit card. If you exceed this limitation on a regular basis, the bank is required to convert your account to another account that permits unlimited check writing privileges. (*)
Savings Accounts
Exact same information minus the check writing.
Charges may apply when transfer limits are exceeded. The reason I say may is because I have a very good customer who from time to time exceeds his transfer limit. With over three million in deposit accounts and loans with our bank, am I really going to charge him a $5 fee? No, I'm not. Also, some banking "packages" waive certain fees and it is the bank's responsibility to monitor these accounts and see when you are abusing them. If such abuse occurs, you can see from above that the account would need to be converted.
Hope that clears some things up!
(*) This information is taken directly from my Federal Regulations Guidebook, update February 1st, 2005.
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