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The bank no longer pays interest on my money market account because I wrote too many checks. Can it do this?

Policies for money market accounts (as well as passbook savings accounts and statement savings accounts) vary by bank. Although no longer required by federal regulations, some banks may limit the customer to no more than six of certain transfer or withdrawal types per month from the account. These types generally include:

  • Preauthorized, automatic withdrawals (including, but not limited to, transfers for overdraft protection or for direct bill payments).
  • Telephonic transfers and withdrawals (including those initiated by facsimile, computer, email, or internet instruction).
  • Transfers made by check, debit card, or other similar order made by the customer and payable to third parties.

A bank may implement the six-transfer and withdrawal limit in several ways. These include:

  • Preventing transactions in excess of the limit.
  • Adopting procedures to monitor excess transfers after-the-fact and contact a customer who exceeds the limits more than occasionally.

If a customer continues to violate the bank's transfer limits after contact, the bank may, depending on bank policy, either take away the transfer and draft capacities of the savings account or close the savings account and place the funds in another type of account (e.g., checking account), which may cause the customer to no longer earn interest.

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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