The bank no longer pays interest on my Money Market account because I wrote too many checks. Can it do this?
Three types of accounts—money market accounts, passbook accounts or statement savings accounts—limits the number of transactions to no more than six transfers and withdrawals, or a combination of such transfers and withdrawals per account cycle or calendar month.
The six limited transactions include withdrawals made by check or draft to third parties; debit or ATM card point-of-sale (POS) purchases; and pre-authorized withdrawals such as automatic transfers for overdraft protection and transfers made by telephone, online banking, mobile banking, bill pay, wire and facsimile.
Transactions which are unlimited are ATM transfers and withdrawals, branch teller transfers and withdrawals, a withdrawal request you make through the mail, and a withdrawal request you make by phone, if the funds are mailed to you rather than disbursed directly into your account.
Withdrawals and/or transfers exceeding the combined six per account cycle or calendar month allowance, will result in an excessive withdrawal fee per transaction. If limitations are continuously exceeded, it may result in conversion your savings account or MMDA to a transaction account.