[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!)

[familyofman]

"The bank never mentioned the limit to me when I opened the account..."

Then they were in violation of some very basic banking regulations (laws). I would be more inclined to think they told you, in writing, what the rules were for your account type - you just didn't pay attention - or forgot.

[steve86]

Especially when my $15 transfer ended up costing me $105.

I had another painful lesson. My credit union actually changed their routing number. The old checks were no longer usable. I had thought I had discarded all the old checkbooks but missed one. Used it to pay 13 bills. Fees and penalties came to $390, and the credit card companies raised interest rates, etc. Fortunately, I got everything reversed except for about $25. At least 8 hours of work writing all the letters. The six-transfer limit has hit me too, even when transferring from my own savings to checking account.