Common use of Account Transfer Limits Clause in Contracts

Account Transfer Limits. Transfers out of Customer’s non-transaction Accounts, including money market deposit accounts (“MMDAs”), are limited to not more than six (6) withdrawals per calendar month or statement cycle of at least four weeks for the purpose of transferring funds to another of Customer’s accounts (whether or not linked to a Service), making third party payments by means of preauthorized, automatic, or telephonic transfers, or transfers or withdrawals made by check, debit card, or other similar order made by Customer and payable to third parties. These limits are imposed by federal law. If the limits are exceeded, Bank reserves the right to charge a fee, close the Account, or reclassify the Account as a checking account which may reduce or eliminate the payment of interest on Available Balances.

Account Transfer Limits. Transfers out of Customer’s non-transaction Accounts, including money market deposit accounts (“MMDAs”), are limited to not more than six (6) withdrawals per calendar month or statement cycle of at least four weeks for the purpose of transferring funds to another of Customer’s Your accounts (whether or not linked to a this Service), making third third-party payments by means of preauthorized, automatic, or telephonic transfers, or transfers or withdrawals made by check, debit card, or other similar order made by Customer You and payable to third parties. These limits are imposed by federal law. If the limits are exceeded, Bank reserves the right to charge a fee, close the Account, or reclassify the Account as a checking account which may reduce or eliminate the payment of interest on Available Balancesaccount.