[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?

[Desdemona]

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

I think it's more likely a restriction on interest bearing checking, or the concept of such.

Actually, if the regulation does go back to 1933, it was part of limiting the drain at banks due to public panic, I would imagine.