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Let us say, if I add saving account to Citibank and Paypal, both Citibank and Paypal make two small deposits and one withdraw, total is 6 transactions. Are those 6 transactions considered ACH transfers?
Because I do have three other ACH transfers (withdraw) after adding the saving account to Citibank/Paypal, just making sure I don't go above 6 ACH transfers.
It is my understanding that only withdrawals from savings accounts are counted. Deposits don't count against your limit.
Not cash deposit, it is electronic deposit. I think it is ACH transfer. It sounds like electronic money transfer between BANKS is counted as ACH transfer. But some other electronic deposits may not be counted as ACH transfer, such as salary deposit, since it is NOT between banks.
It is my understanding that only withdrawals from savings accounts are counted. Deposits don't count against your limit.
Yes, what I was going to say.
I have an intermediary account linked to my Paypal. There is never more than $200 at a time in the account. NO WAY would I link my main account directly to PP, too many scammers out there. Limit your potential losses.
Let us say, if I add saving account to Citibank and Paypal, both Citibank and Paypal make two small deposits and one withdraw, total is 6 transactions. Are those 6 transactions considered ACH transfers?
Because I do have three other ACH transfers (withdraw) after adding the saving account to Citibank/Paypal, just making sure I don't go above 6 ACH transfers.
Thanks.
You can verify with your FI - but I believe Chaofan is correct. Reg D only impacts withdrawals. The whole point is to make sure FI's have enough reserves. So bringing money into the savings account isn't an issue. Thus - it'll likely only hit two of your 6 for the month.
Also - it isn't tied to just ACH - but a number of electronic means. Simply pulling money out of Savings and into Checking (via OLB) at the same institution will count as well.
I agree that only withdrawals are counted. If you wanted to put money into your account each day they would be happy. The idea is to keep the money in the account.
Hey dude, with capital one & PNC savings only the withdrawals count. My PNC savings account was tied to the minion who went to college out of state. we usually did 8-9 deposits every month. no problem.
the withdrawals are what counted. these are the only two banks that I know of.
Let us say, if I add saving account to Citibank and Paypal, both Citibank and Paypal make two small deposits and one withdraw, total is 6 transactions. Are those 6 transactions considered ACH transfers?
Because I do have three other ACH transfers (withdraw) after adding the saving account to Citibank/Paypal, just making sure I don't go above 6 ACH transfers.
Thanks.
As others have stated, it is only transfers/withdrawals *OUT* of a savings account that matter.
If you make too many within a given period first time you'll be sat down and explained about TOS for savings accounts and so forth. Should things continue financial institution (by law IIRC) will request or just outright shut down savings account.
Ironically these rules/laws about savings account withdrawals apply to various over draft schemes from banks where funds are automatically transferred from savings to checking. Again do that too many times so it causes one to bump up against or exceed total of six withdrawal transactions, and result will be same as above. This and or a combination of over draft protection and or any other withdrawal/transfer of funds out of savings account.
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