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Savings Account

Overview#

Savings Account is a Transaction Account but not a Demand Deposit Account

Federal Reserve Board of Governors#

defines a Savings Account in Sec. 204.2(d)(1) of Regulation D (FRB).
  • The Account owner is permitted to make up to 6 pre-authorized transfers or withdrawals (excluding withdrawals via an Automated Teller Machine) per month or a statement cycle of at least four weeks.
  • There is no regulation limiting number of deposits into the account.
  • Violations often involve a service charge, usually $10 per transaction, or even a downgrade of the account to a checking account.

More Information#

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