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

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

[tomakaze]

re:You do know the IRS monitors sites such as this, don't you?
 
Wouldn't surprize me...

[Tuscaloosa Goldfinch]

Close your account. Then they HAVE to give you the $$. Then, you can either open another account at the same CU or bank, or move it.

Goldfinch, former teller, who knows there's more than one way to skin a cat.

[Quix]

YUP,

SADLY.

[though for some mysteriouis reason, it shows up normal size on my screen].

[HairOfTheDog]

I think the bank probably, in that case froze the card because it was unusual to have that much out of town activity for your account?

I never travel our of Washington, so when I did, MY bank froze my bank card when I started spending a lot of money in San Francisco. I called, and as soon as I told them it was indeed ME in SF, they turned it back on. It is a stop-loss if they think the card is stolen.

[jellybean]

You could be right. That was my first trip outside the state in about 20 years. A lot of gas purchases in a short period of time along the Indiana/Ohio turnpike may have raised the flag.

[Xenalyte]

LL, I think your sarcasm detector is on the blink.

[MEG33]

Put your money in an account that allows you unlimited transactions.My money market account does restrict,so I transfer to my checking account to write several checks. Credit union accounts aren't obviously like a normal checking account.

[skip2myloo]

Yup, "Know Your Customer" would've prevented this.

As good, decent, law-abiding citizens - we should notify the government whenever we leave our homes, its for our own protection and security of course.

Pretty soon, just as soon as we all have our personal "On-Star" chips embedded, reporting in will be achieved passively.

That way when we leave stores with products, the data from RFID's will be merged with with our own personal GPS info so Wal-Mart will know who bought what and where it's going.

If you don't have anything to hide -- why would you mind ??

We've just got to catch those wrascally terrorists and drug pushers.

[Proud_texan]

That's been the case since at least the late 70s/early 80s as I recall when banks were allowed to pay interest on transaction accounts. Reg D establishes a limit on the number of transactions. I recall it was 3 a month but heck, I can't recall when it happened for sure so don't rely on my memory.

I don't know why, I think it's a hold over from the days when CUs and S&Ls were different than banks and the limit on transactions allowed CUs and S&Ls to make longer term loans since balances didn't change much. Always struck me as strange that it wasn't an amount limit, guess "they" (Banks, S&L's, the FED?) didn't want deposit gyrations. Of course that didn't stop the S&L scandals of the 80s, but those were for an entirely different reason (mostly for allowing S&Ls to be banks without the oversight but that's another story).

In any event I do believe that it only involves certain interest bearing accounts and it's very possible to get a different type account (i.e. lower interest rate) that has unlimited transactions at just about any type of financial institution these days.

[MEG33]

If the bank goes belly up,your money is safe up to 100,000.Before that,the bank makes a bunch of uncollectable loans and bad decisions,the bank fails and you lost your money.

The feds insure that you won't lose.If a bank failed where you had your money in the great depression , you were wiped out.FDIC was established in 1933.

[skip2myloo]

True, but most of these issues we've been discussing don't have anything to do with preventing bank failures or fostering economic security - they're designed to compel banks to report to the government the activities of their customers.

I don't know either the genesis or rationale specifically for Reg D (compliance with which generated this thread), but I'm skeptical it dates back to 1933.

Besides, I don't want the Federal Government protecting me from every little risk in life, especially at such a great cost to my liberty and to my privacy.

[MEG33]

There's always a mattress or safety deposit boxes.!

[skip2myloo]

Yes, but isn't it a shame it's come to that, that in an allegedly "free" country we would have to hide from our government as if we were Anne Frank in the attic ??

[null and void]

yes it is.

[MEG33]

Why hide?I don't hide because I have nothing to hide.I don't assume that the feds are saying!AHA when they see I transfer money!They might yawn,though.I do know businesses are overburdened with paperwork and regs.That is a fact.

[skip2myloo]

I don't have anything to hide either - but to me, that doesn't correlate to a government right to monitor every financial transaction in the country.

[John Robertson]

If you have to dip into your savings account more than six times a month...you should do everyone a favor and be putting that money in a checking account.

[John Robertson]

Yeah, send me that name, please, by freepmail. thanks. happy new year.

[Mears]

I found this entire thread most interesting but your post about the flu meds blew my mind.

The odd thing is that we could buy as much booze as we want and no one would care.

Insanity!!!!

[the bottle let me down]

Some sort of regulation on PseudoEphedrine limited how many products containing it she could buy per transaction.

That's because pseudoephedrine is a convenient starting material for basement lab synthesis of methamphetamine.