Withdrawing cash from savings account?
Can I withdraw cash from my savings account? If I can, does that have any negative impact to anything, or is it exactly the same as withdrawing from debit card?
- AmyLv 71 month ago
The account might charge a monthly fee for holding the account that applies only when the balance is low. Check your contract for details like this.
Savings accounts have a limit of 6 transactions per month, so you can't use it quite like a debit/checking account.
- Christin KLv 71 month ago
It's liquid cash--meaning you can withdraw it any time you want. It's your BANK that will be able to tell you how it's done and where.
- StephenWeinsteinLv 71 month ago
You can, but you can if you need to do it more than six times a month, then you have to go into the bank to do it in person. (If it's less than six times a month, you have some more convenient options, such as ACH debit, ATM card, etc.)
- How do you think about the answers? You can sign in to vote the answer.
- The Football GodLv 71 month ago
Last year I pulled out 15k in cash. Each kid got 3k to do what they wanted/needed. It was because we never got to se them during COVID BS. Pretty much what we spend between birthdays, dinners family gatherings and Christmas.
- AnonymousLv 71 month ago
Using your debit card and taking out cash are both ways to access the money in your account. Whether or not there are fees for doing so depends on your financial institution.
- D.E.B.S.Lv 71 month ago
First off, learn what a debit card is if you're using it. You NEVER withdraw FROM a debit card. The debit card is a method to access money in your bank account (or accounts). A debit card can be connected to your checking account, savings account, other type of account, or a combination of those.
The rules for what your card is connected to and what your bank may or may not charge you in fees is up to the agreement between you and your bank. In general, withdrawing money from a savings account has no fees unless that withdraw puts you under a month minimum required by that account.
- Anonymous1 month ago
The only possible issue is a possible limitation of 6 withdrawals per month if its a savings account. Usually checking accounts are connected to debit cards. Checking accounts have no limits usually.
One credit union I am a member of has an odd policy that only 3 of the 6 per month can be by ach. Any more than 3 and they charge a $1.50 fee. (They refunded it because I did not know about it)
- Anonymous1 month ago
It’s your money . You can do whatever, be wise