If you have more than 4 transactions in a month can the state mandate the account be converted to a checking account? I have a savings account that I have overdraft protection on and my bank states that due to a recent law my account was converted to a checking account (due to exceeding the maximum transactions) and thus voiding my OD protection. Is what my bank telling me accurate?? BTW---I live in Indiana....Thanks!!!

Under Regulation D, 12 CFR 204.2(d)(2), the term ``savings deposit'' includes a deposit or an account that meets the requirements of Sec. 204.2(d)(1) and from which, under the terms of the deposit contract or by practice of the depository institution, the depositor is permitted or authorized to make up to six transfers or withdrawals per month or statement cycle of at least four weeks. The depository institution may authorize up to three of these six transfers to be made by check, draft, debit card, or similar order drawn by the depositor and payable to third parties. If more than six transfers (or more than three third party transfers by check, etc.) are permitted or authorized per month or statement cycle, the depository institution may not classify the account as a savings deposit. If the depositor, during the period, makes more than six transfers or withdrawals (or more than three third party transfers by check, etc.), the depository institution may, depending upon the facts and circumstances, be required by Regulation D (Footnote 5 at Sec. 204.2(d)(2)) to reclassify or close the account.