Savings & Money Market Account Transfer Limits

A Federal Regulation limits certain types of outgoing transfers from a Savings or Money Market account each monthly statement period

Savings and Money Market accounts (like the Growth account in Virtual Wallet®) have limits when it comes to outgoing transfers. While customers can transfer into savings accounts as often as they wish, a federal regulation limits how many times customers can transfer money out of these accounts in any one statement period.

Customers can make 6 outgoing transfers per month from a savings account.

Types of transfers that are limited to six (6) include:

  • Online and mobile transfers
  • Transfers via PNC Voice Banking
  • Automatic transfers for Overdraft Protection
  • Pre-authorized payments or transfers through Automated Clearing House (ACH)
  • Wire Transfers
  • Checks, Point of Sale (POS) Transfers, drafts or similar orders payable to a third party

Types of transfers from savings and money market accounts that are NOT limited to six (6) include:

  • ATM transfers and withdrawals
  • Branch teller transfers and withdrawals

There are consequences if the transfer limits are exceeded

If you exceed 6 transfers, you may be charged a fee and your savings or money market account will be converted to a non-interest bearing checking account.

If you have a Virtual Wallet, your Growth account will be removed from your Virtual Wallet. It will be converted to a separate non-interest bearing checking account. You'll be charged a fee, and will not see the Growth account in your browser or mobile app.


 

Tips for staying within the limits

  • Plan ahead and try to limit the number of transfers from your savings or money market account each statement period
  • Visit a PNC branch or ATM to make a transfer, if you're near your limit

Tips for Virtual Wallet customers

  • Plan ahead each month and limit your transfers out of Growth.
  • Use your Spend account for your daily spending and bill payments.
  • Keep money in Reserve for your primary overdraft protection.

Important Legal Disclosures and Information

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