Savings Account Withdrawals
- Before you withdraw any money from your savings account, you should first check the minimum balance requirements for your account. Depending on the bank and the account, the minimum balance required to avoid fees could be several hundred, or even several thousand, dollars. If you dip below that minimum balance, even for a single day during the month, you could be subject to a monthly service fee until your balance is back over that minimum threshold.
- Having an ATM card makes it easy to get money from your savings account whenever you need it, but it is important to keep a close eye on your costs. If you take money out of the ATM at another bank, you could be subject to a hefty service charge, so always watch the screen carefully for information about any additional costs associated with those withdrawals.
- If you prefer, you can make your savings account withdrawals in person at your local bank branch. If you do make your withdrawals at the bank, you should be prepared to show your photo identification and to fill out and sign a withdrawal slip. The confirmation you receive along with your money should show your new balance, and you should always check that balance against what is shown in your savings register.
- No matter how you take money out of your savings account, it is important to record every transaction you make. Keeping careful track of all the deposits and withdrawals in your savings account is even more essential if you share the account with someone else, but it is important even if only you use the account. When you receive your statement each month you should carefully compare the transactions listed there with the information listed in your account register.
