[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.

[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?

[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.

[Mr. K]

While I disagree with this law, I can see a possible reason for it: Money laundering transactions.

If you allowed this to go on at the speed of a computer, doing millions of transfers, a human (or a room full) could never realistically trace anything

[ItsTheMediaStupid]

I am with a credit union and I make many more than 6 transactions per month, no restriction. Maybe you have a higher yeild account? Or maybe the credit union is limited to this because of the amount of loans to withholdings they have?

[TexConfederate1861]

One more reason for SECESSION......
:)

[HamiltonJay]

hahah well don't deposit checks or cash over 10k at once, government gets notified anytime you do that and has for years.... Don't know about this thing.

[Starter]

I've been hit by this as well in the past with my savings account. The way my bank explained it to me is that savings accounts have a limit of 6 outside transfers a month to keep them from being used like checking accounts. (Which, by the way, was the way that I was using my account.) Internal transfers between my checking and savings could be done an unlimited number of times.

The bank never mentioned the limit to me when I opened the account, so I was rather annoyed when it happened. Especially when my $15 transfer ended up costing me $105. (The first charge didn't go through? Well, let's just resubmit it again and again. Oh look! We get $15 every time we do that! Neat!)

[Freedom of Speech Wins]

I have recently looked at a BANK brochure issued to notify of a change in fee schedules, with such a fee listed and stated as a new fee.

[Dionysius]

POSTED ON MY NEW TOILET: "Federal EPA Regulations limit the use of this recepticle to six (6) times daily. Device will self-destruct upon the seventh (7th) use. Manufacturer expressly denies liability for any injury that might be suffered upon said occurence."

[NathanR]

Funny you should mention this. I have credit union accounts and this happens occasionly. When there is no money the checking account money is automaticly transferred from savings. There is a finite (apparently 6) number of times the CU will do this automatically.

Last night my wife called from the doctor for me to check her personnal account. Apparently she had been using the wrong cash card, and when she used it at the doctors, it was refused. When I checked, there were only $4.00 in her account and her "regulation D limit had been reached".

[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.

[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.

[gitmo]

"Government is not the solution to the problem. Government is the problem" - Ronald Reagan

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When the government fears the people there is liberty; when the people fear the government there is tyranny. –Thomas Jefferson

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"[Congressional jurisdiction of power] is limited to certain enumerated objects, which concern all the members of the republic, but which are not to be attained by the separate provisions of any." - James Madison, Federalist 14

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"The powers delegated by the proposed Constitution to the federal government are few and defined . . . to be exercised principally on external objects, as war, peace, negotiation, and foreign commerce." - James Madison, Federalist 45

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"This specification of particulars [the 18 enumerated powers of Article I, Section 8] evidently excludes all pretension to a general legislative authority, because an affirmative grant of special powers would be absurd as well as useless if a general authority was intended." - Alexander Hamilton, Federalist 83

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"No legislative act … contrary to the Constitution can be valid. To deny this would be to affirm that the deputy is greater than his principal; that the servant is above his master; that the representatives of the people are superior to the people themselves; that men acting by virtue of powers may do not only what their powers do not authorize, but what they forbid." - Alexander Hamilton, Federalist 78

[SoftballMominVA]

Back in the very early 80's I worked as a customer service rep for a Savings Bank---remember those? This was right after some sort of deregulation from the late 70's. I distinctly remember this being a regulation back then. It was explained to me that at one point it was put into place to protect savings and loans and to draw a distinction between checking accounts and savings accounts. If you NEEDED to make more than 6 transactions, you needed a checking account.There were plenty of customers that complained about it back then.

Also the time of guaranteed 5.25% passbook savings. Damn I'm starting to feel old.

All that being said, at least you can know that this is not new and not aimed at you. It should be spelled out in some sort of terms and agreements that your bank is required to give you. If they didn't give you that when you opened the account, someone is negligent.