Federal Limit on how many transfers I can make from savings?

An Announcement from My Bank ^ | 31 DEC 03 | ME

[tomakaze]

[the url is just a link to my bank, if I knew what the law was I'd hunt it up and link to it instead]
 
I went to check my account balance to see what I had to play with this evening when I noticed this in my accounts inbox:
Subject: Transfer from Savings LIMIT OF 6
Date Sent: 12/30/2003 00:00:00 CST
Alert ID: xxxxxxx
 
THE FEDERAL REGULATION STATES THAT WE CAN ONLY ALLOW 6 TRANSFERS PER MONTH FROM ANY SAVINGS ACCOUNT. This is not a credit union regulation. If you have questions about this regulation, please call the credit union and speak to eit
 

[tomakaze]

Now just who the hell do the feds think they are that they think they can dictate what the hell I do to my bank account?
Anyone got any info on this so-called law and when it was passed?
I'm so pissed at the flat out arrogance of these b**tards right now I can hardly see straight.

[NukeMan]

Not sure, but there is a difference between banks and credit unions on this matter. Let me do some further checking.

[Bikers4Bush]

I'm wondering if this is Credit Union specific, in other words legislation that only applies to Credit Unions.

I have no such restrictions with my bank, of course they charge me out the ass for every other service so who knows if I'm better off.

[js1138]

I'll bet a lot of people got stung by this one. What with Christmas and my daughters new year's eve wedding, I am stuck in a month end bind. Who's idea was this?

[Eris]

Well naturally you as a common citizen can't be trusted to run your own affairs.

Nor to govern yourself, or educate yourself, or arm yourself, or to find your own enjoyment with other consenting adults, or...

[goodnesswins]

It's probably a law the banks got passed against credit unions.....to piss people off.....banks don't like having to compete with credit unions.

[nicmarlo]

This is not a credit union regulation

[tomakaze]

re:Not sure, but there is a difference between banks and credit unions on this matter. Let me do some further checking.
 
Thanks, beleive me any info is appreciated.

[Lonesome in Massachussets]

Thanks for the heads up. I'll make sure to make six $9,999.99 transfer next month, just to piss off the Palm County District Attorney.

[Glenn]

I'm so pissed at the flat out arrogance of these b**tards right now I can hardly see straight.

You're obviously either a drug dealer or terrorist. Which is it? Fess up! You are a blight on society. You should be behind bars. Stop whining. If you didn't do anything wrong then you shouldn't mind.

[lormand]

"This is not a credit union regulation."

Looks like it is not specific to Credit Unions.

Hey, since it is the last day of the month, I can try doing > 6 on my Wells Fargo account and see what happens.

[skip2myloo]

"This country belongs to the people who inhabit it. Whenever they shall grow weary of the existing government, they can exercise their constitutional right of amending it, or exercise their revolutionary right to overthrow it." --Abraham Lincoln

[boxerblues]

our credit union account limits the amount of electronic tranfers to 6 per month, we can go in person as many times as needed

[DB]

Sounds very unlikely to me.

I bank electronically in California and have not heard of such a thing. The bank will charge me fees if I make too many transactions from savings in a month but that’s about it.

Generally the Fed only cares about transactions between people of larger amounts (5k or more).

[Glenn]

An aside, when I bought another house this year I was quite taken aback by the grilling and paperwork I had to fill out for a $30k cashiers check. It sucked.

[NukeMan]

Here is a URL:

http://216.239.39.104/search?q=cache:6AzNZXxQC_IJ:www.hutchinsoncreditunion.com/news/hutch_in_touch/Oct2000news.pdf+%22Credit+union%22+OR+%22credit+unions%22+%22Monthly+transaction+limit%22&hl=en&ie=UTF-8

It's called Regulation D.

I used to work in mortgage banking, so this is definitely not my area...

[Iowa Granny]

It appears you are using a credit union as your bank. There are different Federal rules for each of these financial institutions.

Credit Unions are taxed quite differently than Banks, and I'm guessing this rule is another one of those differences.

It appears if we want full banking services, we're going to have to put our money in banks, not credit unions. I guess it's our choice to make.

[FireTrack]

Sounds like a money market account?

[NukeMan]

The poster banks at a credit union, not a commercial bank - there are indeed Federal restrictions on montly transactions.

[DB]

I guess that's the price of using a Credit Union...