Heads up to everyone who has both Altitude and MM account with US Bank
and uses MM account to pay CC balances automatically.
As you know, you have an option to schedule automatic - one final and three weekly payments for your CC from US Bank accounts, including the MM account. However, what you need to be aware, is following, quoting from email exchange from US Bank:
All financial institutions in the U.S., not just U.S. Bank, are governed by a series of Federal regulations. One of this is Federal Regulation D (Reg D). Reg D governs how funds can be transferred out of a savings account. Per Reg D, there's a limit of 6 times per service cycle that money can transferred electronically out of the account. A $15 non-refundable fee is assessed each time this limit is violated per service cycle. Federal regulations require that we provide a penalty for Reg D violation. As an example, if funds are moved 9 times in one service cycle, then there would be 3 $15.00 fees totaling $45.00. The following transactions are considered electronic ones:
* Transferring funds from the account either manually or as an automatic transfer for Overdraft Protection
* Over the phone with a banker.
* Paying a non-U.S. Bank account using the account and routing number.
Here's the transactions that don't count against that limit:
* Making the transfer at the branch with a teller or other banker
* At an ATM
* Making a payment to a U.S. Bank loan or line of credit
So making 4 scheduled transfers/payments using the account would leave 2 remaining. This account has a service cycle that ends on the 17th business (not calendar) day of the month. For October, that will be the 24th.
Please be aware that if a savings account violates Reg D 3 or more times in a rolling 12 month period, the account will be automatically closed, a new Easy Checking will be opened to replace and any funds in the account will be transferred to that new account.
I made two transfer to my MM account in addition to scheduled Altitude payments and got that letter.