Transaction Limitations for Simply Savings and MMDA

NOTE: Federal Reserve Regulation D requires the Bank to monitor all such accounts for activity exceeding certain limits and to remind the customer of these limits when the Bank finds that the customer has exceeded these limits in any given monthly statement cycle.

Transfers from a Simply Savings Account or Money Market Deposit Account (MMDA) to another account or to third parties by pre-authorized, automatic, or telephone transfers are limited to six (6) per month or statement cycle.  These transfers include those payable to you or to third parties that are:

• pre-authorized debits (including but not limited to any wire transfer, bill payment debit or other automatic debit)
• automatic debits (such as those that occur with a sweep arrangement)
• transfers or withdrawals payable by wire transfer or other order that are requested online or by email
• withdrawal requests made by telephone or by fax where a check is not mailed directly to the account holder.

No more than three (3) of these six (6) transfers may be made by a check (if applicable), debit card, bill payment debit, other pre-authorized debit, or similar order made payable to a third party.

If you exceed these limitations 3 or more times in any 12 month period, your account may be closed or reclassified as a transaction (non-savings) account.

There are no limitations on the following:

• transfers or withdrawals made at an ATM
• transfers or withdrawals made in person at a teller window
• transfers or withdrawals requested by U. S. postal mail
• transfers for purposes of making payments to loans at Ann Arbor Commerce Bank
• wire transfer requests initiated in person
• withdrawal requests made by telephone or fax where a check is mailed directly to the account holder.

We trust that you will understand the Bank's need to comply with all federal regulations.

If you have any questions, please feel free to contact Mary Gyorke at 734.887.3105.