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Chris Phelps
Chris Phelps, CPA/CFP/PFS
Category: Finance
Satisfied Customers: 2710
Experience:  Certified Public Accountant for over 19 Years/Certified Financial Planner for over 10 Years
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Electronic deposits and withdrawals from a credit union Savings accou

Customer Question

Does the Federal Reserve or any other banking authority limit the number of electronic transfers a private individual may make to or from a personal savings account to another account, say checking, in the same institution or to another bank, individual, or institution?

Thank you.
Submitted: 11 years ago.
Category: Finance
Expert:  Chris Phelps replied 11 years ago.

No although depending on the volume and the nature of your relationship with the bank they may charge a fee.  Also, if the size of the transaction exceeds $9,999.99 it may be subject to certain reporting requirements related to the anti-money laundering laws.

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Customer: replied 11 years ago.
Reply to Chris Phelps's Post: Messed up the payment. $7.00 to Chris Phelps