Question about what exactly is a “Restricted Transfer“. Thinking about opening a new savings account at PMC Bank and it says they account has limited to 6 Restricted Transfers per month. I pay for everything on credit cards and then pay off the cards a few times per month. Would paying off the cards through the account count towards the 6 limit? Confused on the meaning of the “Restricted Transfer” term. Any help would be greatly appreciated. Their site says:
Please be advised all funds transfers are subject to your financial institution’s rules and regulations governing your accounts such as savings, custodial, IRA, loan or margin accounts. PNC Bank is not liable or responsible for any costs or losses incurred as a result of the funds transfer requests from and to such submitted by you.
Transaction fees will apply to your account if you exceed six (6) Restricted Transfers in a monthly service charge period. Restricted Transfers are transfers from a savings or money market account to other accounts (including transfers to another account for overdraft protection) or to third parties by check, through point-of sale purchase transactions or similar debit card transactions, by pre-authorized or automatic agreements, telephone, online or similar order payable to a third person. If you make more than a total of six (6) Restricted Transfers in a monthly service charge period, you will be charged a fee for each Restricted Transfer. See your account agreement and fee schedule for more information. Other limits may apply to your account. We reserve the right to suspend enforcement of these transaction limitations, or to modify them, at our discretion.