I have a Savings Withdrawal Checkbook from wells fargo. Can I use it to pay bills? How does it work?
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Answer:
The savings withdrawal form is just used at the bank to take money out of your savings account. It's not an actual check for bill paying purposes. If you want to pay bills with the money used in your savings... you can transfer (online) what you need to your checking account. And write checks off your checking account to pay bills. Be careful, though, how many times you make withdrawals from your savings account. You can do as many as you like with a teller; but any other way, you are limited. 6 transactions is the most you can do, per statement cycle. If you go over that; you will pay a fee each time per Regulation D rules and regulations.
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Other answers
The savings withdrawal form is just used at the bank to take money out of your savings account. It's not an actual check for bill paying purposes. If you want to pay bills with the money used in your savings... you can transfer (online) what you need to your checking account. And write checks off your checking account to pay bills. Be careful, though, how many times you make withdrawals from your savings account. You can do as many as you like with a teller; but any other way, you are limited. 6 transactions is the most you can do, per statement cycle. If you go over that; you will pay a fee each time per Regulation D rules and regulations.
Holli
Double check with your bank, but a savings account usually does not have checks. To pay bills, you need a checking account.
bdancer222
Double check with your bank, but a savings account usually does not have checks. To pay bills, you need a checking account.
bdancer222
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