How can you withdraw money from your savings account?
Monday, April 21st, 2008Savings accounts are more often than not termed as ‘near money’. Now your enquiring mind might ask why? The answer is related to the way you can withdraw money from your savings account. To take out cash for your use you need to visit the branch office of your Financial Institution. Alternatively, you can visit the ATM of your specific bank (if you are using a bank), instead of using Debit Card or Check for the transaction. Cash withdrawal in such modes is very easy and there goes the justification of the term ‘near money’.
In the United States under the Regulation D, 12CFR 204.2(d)(2) there are a number of restrictions on the cash withdrawal, transfers and payments a savings account can perform. Some banks will stop the transaction and others would let the transaction to occur but will inform you about the regulations in place