Even though the federal government removed the old rule limiting savings account withdrawals to six per month, Bank of America may still charge you a fee if you make more withdrawals or transfers from your savings or money market account than your account terms allow.
Consumers using savings or money market accounts for frequent transfers — such as moving money between accounts or paying bills — may incur excess transaction fees even though the federal restriction that originally justified the limit no longer applies.
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Compare across platforms →Consumers may not realize that Bank of America has retained its own internal transaction limits on savings accounts even after the federal Regulation D limit was lifted, meaning they can still be charged for accessing their own money too frequently.
REGULATORY FRAMEWORK: Federal Reserve Regulation D (12 C.F.R. Part 204) was amended in April 2020 to remove the six-transaction limit on savings deposits, but individual bank account agreements may still impose contractual limits. CFPB UDAAP authority applies if the bank's retention of its own limits is not clearly disclosed. Regulation DD (12 C.F.R. Part 1030) requires accurate disclosure of any account transaction limits and associated fees.
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