Restrictions on Transfers from Savings and Money Market Accounts. The number of withdrawals or transfers from Cornerstone Bank accounts is limited pursuant to the terms of the applicable deposit agreement and disclosure for those accounts. Deposits: You may make an unlimited number of deposits into a savings or money market account by any method. Withdrawals/Transfers: You may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, including withdrawals and transfers initiated by check, draft, debit card (if applicable) or similar order to a third party. Unlimited withdrawals are permissible in the following instances: automatic (preauthorized) transfers for the purpose of paying loans at our institution; transfers or withdrawals made by mail, messenger, ATM or in person; withdrawals initiated by telephone and consummated by a check mailed to you. Cornerstone Bank is committed to protecting your security and confidentiality. We will guard your information from third parties except for the following reasons: - Where it is necessary for completing transfers - In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant - In order to comply with laws, government agency rules or orders, court orders, subpoenas, or other legal processes - In order to give information to any government agency or official having legal authority to request legal processes - If you give us written permission The date and amount of transfers made through the Internet Banking System will be shown on the Internet Banking System screen and will also be shown on your statement for the accounts from which and to which the transfer was made.
Restrictions on Transfers from Savings and Money Market Accounts. Your ability to make transfers from your savings accounts and money market account is restricted by Federal Reserve Board Regulation D. For each savings/money market account, you may make up to six transfers or withdrawals by means of preauthorized, automatic, telephonic or computer transfer to another account of yours or to a third party or by check, debit card, or similar order to a third party during any statement cycle. The following transfers do NOT count towards these limits:
Restrictions on Transfers from Savings and Money Market Accounts. Under Federal Reserve Board Regulation D, you may make an unlimited number of deposits or transfers into a savings or money market account; however, you may make no more than six transfers or withdrawals out of a money market account per monthly statement cycle and six transfers or withdrawals per quarter for savings accounts. (Not counting transactions made at ATMs or at a bank office). Transfers made by telephone, personal computer or funds automatically transferred from a savings or money market account to another deposit account for overdraft protection are counted toward the six total permitted monthly transfers or withdrawals. If your transactions exceed the legal limit, we will charge you a fee for each such transaction in excess of the legal limit.
Restrictions on Transfers from Savings and Money Market Accounts. Under Federal Reserve Board Regulation D, you may make an unlimited number of deposits or transfers into a savings or money market account; however, you may make no more than six transfers or withdrawals out of such an account per month (not counting transactions made at ATMs or at banking locations). Transfers made by telephone, personal computer or funds automatically transferred from a savings or money market account to another deposit account for overdraft protection are counted toward the six total permitted monthly transfers or withdrawals. If your transactions exceed the legal limit, we will charge you a fee for each additional transaction in excess of the legal limit. If you exceed the restrictions more than three times during a 12-month period, we will close the savings or money market account and transfer the funds to a checking account. On regular savings accounts, we charge a fee for each withdrawal or transfer in excess of six per calendar quarter. The amount of these fees and the minimum balances necessary to avoid these fees, where applicable, are set forth in the account documents provided with your account, and any subsequent amendments.
