Starting November 1, all savings accounts with more than six transactions per month will receive a $25 Excess Transaction Fee.
Maps, why are you charging this fee?
Fees stink, and we don’t like charging them. Seriously. So why are we charging this fee?
Federal Regulations require us to actively discourage you from using a savings account to conduct transactions. This is called Regulation D. (if you really want to wade into the details, you can visit this page at the Federal Reserve for more information).
The Excess Transaction Fee is not new to Maps - it has always been assessed on our Market Investor Accounts, and now consistently applied on all of our savings account products in accordance with, you guessed it, Regulation D. By limiting the transaction activity on savings and money market accounts, we are complying with regulatory requirements. This limitation is something that all financial institutions impose in some form on their savings and money market products.
Maps doesn’t have to like what the Federal Government tells us to do, but we do have to follow their rules!
Transactions that may result in the Excess Transaction Fee:
- Online transfers from those accounts to a different account either at the same institution or a different one
- Transfers processed over the phone
- Automatic or preauthorized transfers, such as bill payments or any other recurring transfers
- Overdraft transfers from your savings account to your checking account.
- Checks written from a Market Investor account
Tips on avoiding the Excess Transaction Fee:
- Open a Free Community Checking account and use that as your primary transaction account
- Link any automatic transfers, such as bill payments, to your checking account instead of savings. Checking accounts don't have limits on the number of withdrawals.
- Make transfers count; do fewer transfers out of savings accounts with larger sums of money
- Transfers from a savings or market investor account to any Maps loan product will not affect the Excess Transaction Fee count
- Making a withdrawal or transfer in person at the branch does not qualify as transaction activity
We’d much rather see you use the appropriate account than pay a fee needlessly. Let’s work together to help you avoid this fee. To get started with the right account, contact us here. We’ll be happy to help you.