Account terms and conditions disclosure
(1) Federal Regulation D requires banks to limit the way withdrawals may be made from a savings account. Preauthorized withdrawals (transfers by phone, wire or personal computer, overdraft protection, automatic payment, check) are limited to a combined total of six per account cycle. There is a $15 fee for each preauthorized withdrawal in excess of these limits. If withdrawal limitations are exceeded three times in 12 cycles, the account will be closed, or converted to a checking account.