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

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

[Bikers4Bush]

A quote that bears repeating endlessly these days.

[lormand]

"Hmmm...wait until you get this month's statement!"

If that is the case, then their online software sucks, because it let me transfer 7 times.

[robertpaulsen]

"Sounds like a money market account?"

I think you're the closest on this one.

Some banks pay a higher interest on savings, but limit the number of withdrawals. Other savings accounts at the same bank have unlimited withdrawals, but at a lower interest rate. It is just to prevent people from using their savings account as an interest bearing checking account.

Sounds to me as though the poster wants the best of both worlds.

[HiJinx]

It actually goes deeper. Read Tom Clancy's new book, Teeth of the Tiger. It's about a quasi-fed outfit tracking terrorist money in order to find the terrorists.

The trouble is that they make a heck of a lot more than 3-6 transfers per month. The rules are ratcheted down to the point that a lot of us are inconvenienced...

[sweetliberty]

Think it's got anything to do with Patriot Act?

[Spiff]

And the other day, when the entire family had the flu, my wife tried to buy a bottle of NyQuil, a bottle of Day-Quil, a bottle of children's decongestant, and a small box of 24 decongestant pills at WalMart. The clerk told her that she could not do that. So, she had to make two separate purchases. Some sort of regulation on PseudoEphedrine limited how many products containing it she could buy per transaction. Fact is, she probably broke some other law by breaking up the transactions.

[Badray]

Still think that you are free?

[HiJinx]

I'm trying to remember how I got caught in this one...IIRC, I got hit with a service charge at the end of the month. The software doesn't stop you from making the transactions, you just incur a fee (found in the fine print, somewhere!) for making more than the 'legal' limit of transfers.

OBTW, my WF account originated in Arizona. Up until last month, that made a difference. Now, I think they're consolidating and all of the branches are under the same corporate rules.

[jellybean]

Apparantly this also applies to your regular checking account.

While driving from Pittsburgh back home to Wisconsin last Easter, I stopped somewhere in Indiana for gas. I inserted my debit card and started to pump the gas before realizing I had the wrong grade. I replaced the nozzle, waited for the pump to reset, re-inserted my debit card and then tried to use the correct one.

A voice came over the intercom and told me I'd have to pay inside. I finished filling the tank, then went inside to pay cash. The clerk told me I had exceeded my daily limit on my debit card, which seemed odd since this was only about my third stop. I had used the debit card the entire way out to Pittsburgh with no problem.

I assumed the mix-up at the pump was what caused the problem. Now I'm not so sure.

[nicmarlo]

What I'm posting is what I'm finding on the Internet; I'm not a banker or employed in that field. That said, here's yet another bank, with a bit more info. (it appears that the regulation is applied to interest-bearing accounts, not the type of institution in which the funds are held):

Federal regulations limit the amount of transactions on interest bearing accounts to six per month,
with no more than three of those from a check. Excessive withdrawals may result in closure of the
account.

https://valleybankandtrust.com/personal_products.htm

[tomakaze]

re:Sounds to me as though the poster wants the best of both worlds.
 
Nothing so sinister, It's a simple checking/savings account.
I went with a credit union a few years ago specificly to avoid alot of the fed reporting crap/regulation the banks do. (fed disclosure on withdrawls over 2500, etc - or so I thought at the time.)
that and it's a local almost mom & pop credit union and I know most of the folks there on a first name basis.

[nicmarlo]

I don't know; I seem to recall, however, limitations placed upon me from long before 9/11, restricting the number of times I could withdraw from savings.....I bet this isn't a new Regulation.

[Bikers4Bush]

We need to find out whotf is responsible for this crap.

[ArrogantBustard]

... or exercise their revolutionary right to overthrow it.

"But if they try, we'll destroy their crops, burn their cities, wreck their railroads, blockade their ports, and kill as many of them as we possibly can."
-A. Lincoln.

[Protagoras]

Great. just who works for who? damn.

We all work for, and at the pleasure of, government.

[Badray]

""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"

If this wasn't such BS and tragic, those words would be funny coming from his mouth. He did his part to make sure that even a peaceful withdrawal couldn't happen.

[GirlShortstop]

I don't know; I seem to recall, however, limitations placed upon me from long before 9/11, restricting the number of times I could withdraw from savings.....I bet this isn't a new Regulation.

You're correct -- I opened my MoneyMkt account in '98 and was made aware of the limits.

BTW, just found out something interesting about transfers -- if they're done at a MAC (atm), the tally doesn't go up.
FReegards.

[Protagoras]

I bet this isn't a new Regulation.

Bingo, this particular type of interference isn't new and has nothing to do with the current abomination of the "know your customer" provision of the "patriot act".

[nicmarlo]

if they're done at a MAC (atm), the tally doesn't go up.

IMHO, that's bizarre.

[nicmarlo]

I didn't think so.