Q:

What banks allow free transfers between checking and savings accounts?

A:

Quick Answer

Wells Fargo, Bank of America and the United Services Automobile Association allow free transfers between saving and checking accounts, according to the company websites. Some banks have limitations on how many transfers can take place online, over the phone and through ATMs. Federal regulations also limit the amount of transfers from savings accounts into checking accounts to six per month if the transfer is preauthorized, automatic, online or by phone, states the United States Senate Federal Credit Union.

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What banks allow free transfers between checking and savings accounts?
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Full Answer

Federal Regulation D prohibits more than six automatic or preauthorized transfers from a savings or money market account, as of 2015, explains the United States Senate Federal Credit Union. This is because the federal government categorizes savings accounts as nontransaction, while checking accounts are transaction accounts that typically have an unlimited amount of withdrawals, transfers and deposits. However, Federal Regulation D does not affect transfers made in person at a branch.

Wells Fargo charges no fees for transferring money between personally held checking or savings accounts. However, transferring money from Wells Fargo to another banking institution may incur a fee, as well as transferring money from credit card and line of credit accounts, according to the company website.

Bank of America allows for free transfers from savings and checking accounts; however, the bank does charge fees if the customer's account does not meet with certain requirements, such as a $300 minimum daily balance, setting up a transfer of at least $25 monthly from a checking and into a savings account, or if a customer is a preferred rewards client, according to the company website.

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