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This provision establishes the operational framework under which the bank enforces transaction limits on savings and money market accounts through fee assessment. It clarifies that despite the suspension of federal regulatory limits, the bank's contractual transaction thresholds remain enforceable through fee mechanisms.
Customers holding savings or money market accounts are subject to transaction limits defined in their account terms, with Bank of America authorized to charge fees for transactions exceeding those limits. The specific fee amount and transaction threshold depend on the individual account terms rather than federal regulation.
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"Federal Reserve Board Regulation D previously limited certain withdrawals and transfers from savings and money market accounts to six per monthly statement cycle. While this federal limit was suspended in 2020, Bank of America may charge an Excess Transaction Fee for transactions that exceed the limit set by your account terms.— Excerpt from Bank of America's Bank of America Fee Schedule
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This provision establishes the operational framework under which the bank enforces transaction limits on savings and money market accounts through fee assessment. It clarifies that despite the suspension of federal regulatory limits, the bank's contractual transaction thresholds remain enforceable through fee mechanisms.
Customers holding savings or money market accounts are subject to transaction limits defined in their account terms, with Bank of America authorized to charge fees for transactions exceeding those limits. The specific fee amount and transaction threshold depend on the individual account terms rather than federal regulation.
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