[Desdemona]

Federal regulations limit the amount of transactions on interest bearing accounts to six per month, with no more than three of those from a check. Excessive withdrawals may result in closure of the account.

When did this little tidbit come into effect.

My old MM account had a limit of three transactions per month, which was great for the reason I was using it, but it could be a pain.

I would love to know the answer to why regular savings accounts have any sorts of restrictions like this.

[Explorer89]

I would love to know the answer to why regular savings accounts have any sorts of restrictions like this.

Could it be to keep someone who has stolen an ATM card from draining the accompanying savings account?

[AlBondigas]

My experience:
Had a checking account & "Interest maximizer" account w/ famous Bank of America for over 20 years.
3 years ago I decided to try online banking.
First month: charges of $150 +.
I called BofA & they reversed the charges.
2nd month same thing plus a $250 charge for accessing overdraft protection.(interbank transfer dis-allowed).
Note, my interest maximizer was the default account for payments !!??.
I show up at bank & manager squares everything , explaining the 6 transaction limit on all non-checking accounts
.
Beware - you may be able to make more than 6 transactions...but there are fees involved.

[familyofman]

"I would love to know the answer to why regular savings accounts have any sorts of restrictions like this."

Savings accounts by definition are "non-transaction" accounts, not a transaction account (checking). The regs specify the rules, banks are required to notify account holders - when they open the account what those rules are. If the customer forgets the rules - that's the fault of the customer. It's a bit like asking the trooper why are there speed limits.

Read your account agreements & quit bellyaching.

[StayAt HomeMother]

We use what may well be the largest credit union in the world. (Name furnished by freep mail if you are interested.) This credit union gives us free checking and checks AND pays interest on both savings and checking. The minimum is only $5 in savings. Free national credit card, as long as it is paid off each month. 15 bills paid per month via Internet for under $5.00 (less than the postage to pay the bills via snail mail.) The credit union handles mortgages and home equity loans and car loans and money market certificates and CDs and all other bank-type services that I can think of except safety deposit boxes. So why use a bank?

That said, the credit union allows only 6 on-line transfers out of any one savings account per month. Why? I don't know. However, this is no problem because ATM and in-person access are unlimited as are pre-established payments for car loans, mortgage payments, transfers to our separate personal checking accounts, etc.