Common use of Limits on Transfers Clause in Contracts

Limits on Transfers. Under applicable federal regulations, there are limits on the number of transfers or withdrawals we may process on certain deposit accounts. No more than six (6) transfers or withdrawals that are preauthorized, automatic, online, telephonic or by any means other than those made in person, may be made from certain savings accounts or money market deposit accounts to another account at the Bank or to a third party in any monthly statement cycle. If you violate the six (6) transfer or withdrawal limit three (3) times within a twelve (12) month rolling period, we will close your account and the funds in the account may be returned to you or transferred to your transaction account. Payments from money market accounts may be made by check, draft, debit card or similar order to third parties. There will be a $15.00 money market service charge if you exceed three (3) checks in a monthly statement cycle. Refer to the “Consumer Deposit Account Schedule of Charges”, “Business Deposit Account Schedule of Charges” or “Electronic Funds Transfer” section of your Account Disclosure for additional charges and/or fees, and limitations that may apply.