[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.

[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.

[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.

[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?

[nicmarlo]

Here's something from another bank:

Savings Accounts are governed by Federal regulations which limit the number of certain types of transactions. You are permitted no more than six (6) preauthorized, automatic, WEBbanc, PCBanc, Telebanc or telephone transfers to your other accounts or to third parties per calendar month. No more than three (3) of the six (6) transfers can be made by check, draft, point-of-sale transactions, or similar order made payable to third parties.
http://www.firstsouthernbank.com/fsb/bizsavings.html

[TomGuy]

There is a transfer limit (3-6 depending on the type of account) on savings/checking accounts that are "money market" accounts.

Your account is in that category--money market.

Otherwise, for general savings accounts, the number of transfers is generally up to the institution. CU's do have different operational regulations than banks.

Call your CU and ask.

[nicmarlo]

And here's another:

Limitations on Frequency of Transfers - For security reasons, and to enforce federal regulations, there are certain limits on the number of transfers you may make using your Access Device.

1) Each of your savings accounts is limited, by federal regulation, to six (6) telephonic, computer, and/or preauthorized transfers per statement cycle.

Within any monthly statement cycle you may make up to six (6) withdrawals or transfers including, but not limited to, telephonic, computer and/or preauthorized transfers from each of your savings accounts. These withdrawals or transfers do not include in-person withdrawals or withdrawals at ATMs.

If any telephonic, computer and/or preauthorized transfer from your savings account exceeds the limit of six (6) per monthly statement cycle, we reserve the right to limit your withdrawal privileges, revoke your Card and terminate your transfer privileges, or close your account.

http://www.combanc.com/products/disc_electronicfunds.asp

[the gillman@blacklagoon.com]

I planned to buy my daughter a car for Christmas.
I transferred twenty five grand from one bank to another.

One is a joint account and one is just in my name.

These are both very old nearly maxed out accounts. They told me due to recent federal security regs,it would be frozen for eleven business days. That's til Jan 5th.

These are both local banks. Been with both for over fifteen years, one so long my account number is three digits.
So now I'm a terrorist.

The owner and I are on a first name basis, but he wasn't there and hasn't been or I'd have barked in his face.

Oh, I bought the car anyway, but jeez, I love haggling with car dealers and making them drool before I finally hand over the bag of cash.

They take the fun out of my life.

PS, I'm told that if I had withdrawn the same amount in three or four less than threshold amounts, that's a new crime called "structuring."

When the owner of the bank shows his head again, I will wrestle him down and make him show me the regs.

[Protagoras]

The main reason is because of the way they classify accounts. Some are savings, some are checking, some are money market, all have different rules and regulations. You would have to ask a government goof why they like to keep all these things separate, but if you follow the money and favors from government outwards and see who benefits you will have a better idea.

[Alberta's Child]

My guess is that there are specific Federal banking laws in place that apply to credit unions, and that credit unions were created for specific purposes. The limits on monthly transfers is probably the Feds' way of preventing people from using their savings accounts at a credit union as checking accounts.

[hispanarepublicana]

Well, I don't know anything about this, but I do know a banker who has a safe at his house with stacks of his personal cash "just in case anything ever happens" he says.....I figure, in his position, he must know some vulnerabilities tied to the whole banking racket. There's no telling what the government could do to your assets/cash if they really wanted to.