Re: Use of Money Market Accounts Quote:
Originally Posted by cheapstudent @phaz0rz
Thank you for clearing this up for me, I have been sitting on 4 MM accounts for the last month and have been wondering if it is possible to attach to a stealth PayPal/eBay. Thankfully there is no transaction limit when it comes to ATM withdraws with the bank I am working with, just 6 transfers and transactions (i.e. at a POS system in a grocery store). So I will always have access to the funds in some form or fashion.
Thank you again,
John
CheapStudent | An ATM withdrawal is a withdrawal, period. Those count.
It's a national regulation so it applies to savings accounts with any financial institution. Apparently it's known as "Regulation D" Quote:
The federal rule, also known as Reg D, comes from the Federal Reserve Board and puts a limit of six transactions per month on certain transfers and withdrawals from your savings or money market account.
| Any money coming out of the account counts towards the 6 limit. Whether it's a cash withdrawal at an ATM, cash withdrawal at the bank, a transfer to your checking account, etc. If money leaves your savings (MM) account then it counts.
That's why I said just limit yourself to transferring money out of your money market accounts once a week. With my account I withdraw from Paypal every day so money comes into the MM account every day. Then at the end of the week I transfer all but about $500 to one of my checking accounts.
@Wilcoo - yes, it's a USA regulation
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Last edited by phaz0rz; 11-26-2019 at 12:36 PM.
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