Transferring money directly to a savings account is an excellent way to build up an emergency fund or save up for a long-term goal. But once you reach your savings goal, you might want to stop those automatic withdrawals and deploy the money elsewhere. Stopping the automatic monthly transfers into your savings account is not difficult, but it can take some time for the bank to make the necessary changes.
Review a copy of your savings account statement to determine where the money is coming from. The money could be coming from a linked checking account, an investment account or even from your paycheck.
Contact the human resources department at your employer if the money going into your savings account is coming out of your paycheck as a direct deposit. Complete the direct-deposit change form to stop the money from being diverted out of your paycheck.
Call the bank initiating the transfers to your savings account and inform it you wish to stop the transfers. If you have online access to your account, you can make the change by logging on to the account and going to the transfers page. Otherwise you will need to complete a form the bank gives you in order to stop the transfer.
Check your next savings account statement and make sure the transfers have stopped. Contact the bank if the change has not been made.
- Bank of America: Automatic Transfers
- Federal Reserve. "Regulation D: Reserve Requirements," Page 3. Accessed Sept. 3, 2020.
- Board of Governors of the Federal Reserve System. "Federal Reserve Board announces interim final rule to delete the six-per-month limit on convenient transfers from the "savings deposit" definition in Regulation D." Accessed Sept. 3, 2020.
- Internal Revenue Service. "About Form 1099-INT, Interest Income." Accessed Sept. 3, 2020.
- Federal Deposit Insurance Corporation. "Deposit Insurance." Accessed Sept. 3, 2020.
- National Credit Union Administration. "How Your Accounts Are Federally Insured." Accessed Sept. 3, 2020.
Based in Pennsylvania, Bonnie Conrad has been working as a professional freelance writer since 2003. Her work can be seen on Credit Factor, Constant Content and a number of other websites. Conrad also works full-time as a computer technician and loves to write about a number of technician topics. She studied computer technology and business administration at Harrisburg Area Community College.