Money Transfers

There are certain restrictions on the number of transfers you can make from your Royal Heritage Commercial Bank savings or money market accounts.

Your ability to make transfers from your savings or money market account is restricted by Federal Reserve Board Regulation D. For each money market account or savings account, you are limited to 6 pre-authorized, automatic, computer or telephone transfers in any calendar month. These transfers include transfers made through Personal Internet Banking.

The following transfers do not count towards the limit:

• Transfer or withdrawal requests made in writing and delivered in the mail or by a messenger
• Transfers or withdrawals made in person at any of our office locations
• Transfers or withdrawals made at an ATM

(NOTE:) Federal Reserve Regulation D requires the bank to monitor all such accounts for activity exceeding certain limits and to remind the customer of these limits and/or take appropriate action when the bank finds that the customer has exceeded these limits in any calendar month.

Once a savings or money market account has violated the Regulation D limits, Royal Heritage Commercial Bank will notify you and may convert the account to a transaction type account or close the account.

You can take these easy steps to comply with Federal Regulation D:

• If you have multiple automatic transfers setup within Personal Internet Banking from your savings or money market account to other accounts, consider scheduling one large transfer from your savings or money market to your checking, and reschedule the multiple transfers to come from your checking account.
• If your Direct Deposit goes into your savings or money market account and you frequently transfer money from that account as needed by phone or Personal Internet Banking, consider setting up your Direct Deposit so that the majority of it goes into your checking and a smaller portion goes into your savings.
• If you pay bills through a third party from your savings and money market account, consider rescheduling those bills to pay from your checking account and make one large transfer a month from your savings or money market account to your checking to cover those bills.