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The First National Bank of Sparta
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First National Bank Transaction Limitations

Federal Regulation D requires banks to limit the way withdrawals and transfers may be made from a savings account or Money Market Account (MMA). You are limited to six restricted transfers per calendar month for savings accounts or six restricted transfers per statement cycle for MMA. 

Restricted Transactions – Transfers and withdrawals made in any of the following ways: 

  • Pre-authorized, automatic, schedule or recurring debit
  • Telephone Banking, Online Banking or Online Bill Payment
  • Telephone transfers initiated by fax, e-mail or by phone through a Bank representative
  • Overdraft transfers (made automatically to cover insufficient funds in other accounts)
  • Checks, Point-of-Sale (POS), or debit card purchases
Unrestricted Transactions – Regulation D does not affect the following types of transactions:
  • ATM transactions
  • Transfers made to loans at the Bank
  • Transactions done in person at our banking center
  • Transactions sent by mail or night depository with an original signature.

A fee of $1.25 for each restricted transaction in excess of six per calendar month for savings accounts, or six per statement cycle for MMA, will apply. For customers who continue to exceed those limits after being notified by the Bank, the Regulation requires that either the account be closed or the funds be transferred to a transaction account that the depositor is eligible to maintain.