How to Stop Automatic Monthly Transfers to a Savings Account

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.

Things You'll Need

• Bank statement

Instructions

1. 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.

2. 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.

3. 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.

4. Check your next savings account statement and make sure the transfers have stopped. Contact the bank if the change has not been made.

References

• Bank of America: Automatic Transfers