Anybody here use Presidential Online Bank?

[FleshLight]

http://presidential.com

I'm looking at the Online Savings with the 3.87% apy and $5k minimum but I don't get this:

Limitations:
Banking Regulations limit third party transactions or pre-authorized transfers (including overdraft transfers) or transfers made by personal computer (including online banking or bill payment services) or telephone (including facsimile or data transmission) funds transfers to your other accounts or third party transactions to six (6) each statement cycle; no more than three (3) of these transactions can be by check, debit card, or similar order (including POS transactions), made by the accountholder and payable to third parties. If you exceed more than three (3) such transfers, we need not honor the item. If you exceed these withdrawal limitations, the bank may close the account and the funds placed in another account that you are eligible to maintain, or we may take away the transfer and draft capabilities. Transfers made in person, by messenger, or at an ATM are unlimited.

Does that mean I can't transfer out money more than 6 times a month? And why does it say no more than 3 can be done with check/debit/similar order? Isn't it a savings account?

 

[Zim Hosein]

Anybody here use Presidential Online Bank?

Not I 🙂

 

[imported_Dimicron]

It's a Savings account. It will come with an ATM card (that some stores can use as a debit card). Most banks put a limit on transactions with a savings account though, since it is for saving money 🙂

EDIT: Disqualifier: I have never even heard of that bank before.