Passbook Savings Account Withdrawal Limit

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Question:

Is it a compliance violation if a passbook savings account has more than six withdrawals a month?

Answer:

A savings account has a limitation of six preauthorized transfers (three by check or similar device) per month or statement cycle of at least four weeks per Reg D. Other withdrawals, such as in person and ATMs, are unlimited by regulation.

First published on BankersOnline.com 6/23/08