Answer:
Review the definition of "savings deposit" in Section 204.2(d)(2) of Federal Reserve Board Regulation D. Money market deposit accounts are included. Overly simplified, the requirement is that the bank limit to six per per calendar month or statement cycle (or similar period) of at least four weeks what might be considered "convenient" transfers to other accounts or to third parties. By "convenient," I mean transfers that can be completed without visiting the bank. Transfers and withdrawals made in person or by courier (agent) or at an ATM need not be including in the six per month count.
BankersOnline has a handy chart that provides details on what is covered by the six-per-month limit and what is not.
First published on BankersOnline.com 11/7/11
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