What is an excessive transactions fee?
When savings account holders withdraw over the federal limit.
What is an excessive transactions fee?
Share
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
What is an excessive transactions fee?
When savings account holders withdraw over the federal limit.
An excessive transaction fee is a charge that savings account holders incur when they exceed the allowable number of certain types of withdrawals or transfers in a month, as per federal regulations. Specifically, under Regulation D, most savings accounts limit withdrawals or electronic transfers to six per month. If account holders surpass this limit, they may be subject to a fee, which can vary by bank. This fee is intended to encourage the use of savings accounts for saving rather than frequent transactions.