6 transactions savings account8/14/2023 ![]() ![]() Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Have you seen any new fees pop up on your statement? E-mail for the chance to be featured in an upcoming story on CNNMoney. The percentage of customers that will be impacted by the fee was also added to the story. Update: This story was updated on Novemto include additional details about the types of transactions that will count toward the six-transaction limit. You may begin seeing new costs pop up early next year but in subtler ways: watch out for higher existing fees (as TD Bank is doing), slightly lower deposit rates and higher credit card interest rates, says John Ulzheimer, credit specialist and president of consumer education at. While big banks like Bank of America, Chase ( JPM, Fortune 500) and Wells Fargo may pause before announcing new fees after the debit-fee debacle, it's likely only a matter of time before they will be following in TD Bank's footsteps and trying out new fees again. "With that, we modified peripheral fees that small groups of customers pay infrequently and we are educating them on how to avoid the fee." 7 banks that are still awesome "Customers have shared with us what matters most to them when choosing a bank and given their feedback and the current environment, we took careful consideration when deciding to change certain fees," said TD spokeswoman Rebecca Acevedo. Money orders will cost $5, instead of $4, and stop-payment fees will run $30, up from $25.Ġ:00 / 1:33 Protesters want more from Bank of America Getting a certified check will come with an $8 fee, up from the current $4 charge. Receiving a wire transfer will now cost $15, up from $10. "Credit Unions and Local Banks are looking more and more attractive these days."Īt the same time, TD is hiking four of the fees it already charges - all of which will also take effect in December. "With everyone these days having to dip into their savings on a regular basis to transfer money to their checking to pay the bills - this is another way the Big Banks are making money," wrote one CNNMoney reader, who received a notice about the fee in the mail from TD Bank on Tuesday. According to the regulation, after six transactions the account can no longer be classified as a savings account.Ī spokeswoman for the bank said numerous transactions also start costing the bank money and the new fee is a way to offset that cost.īut some customers look at the new fee as just another way banks are trying to gouge them. TD Bank said the fee is a result of Regulation D, which limits the number of transactions customers can make within a four-week period to six. Other banks, including Bank of America ( BAC, Fortune 500) and Wells Fargo ( WFC, Fortune 500), already have a similar fee in place. ![]() Transactions will include online transfers from their savings account to other accounts, as well as phone and debit card withdrawals.Īccording to a TD Bank spokeswoman, the new fee will only affect 1% of customers. Sweeps from savings accounts to cover an overdraft are included in the 6 transactions per month.Starting in December, TD Bank ( TD) savings account customers who exceed six transactions in a billing cycle will pay a $9 fee each time they take money out of their account. We'll transfer from your designated Personal Savings account to avoid any overdraft fees for only $2 per transfer. Link your Personal Savings account to your checking account to cover your overdrafts.Have a friend or family member under the age of 18? We offer a FREE savings account for them as well.Your personal savings account may be insured by the FDIC.Withdrawals made by electronic transfer or check are limited to 6 per month.A withdrawal fee of $1 may apply if the number of transactions exceeds the allowable limits.Enjoy unlimited deposits, in-lobby withdrawals and ATM access.Only $2 monthly service charge if minimum balance falls below $100. ![]()
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