NWR: Savings Account Question

Just wondering if any of you ever heard of this.

I just called my bank to see why I was charged a transaction fee and they told me that I could not have more than 4 transactions per month or my account may be closed. They said this was a Federal Government rule. WHAT, I never heard of such a thing. Do any of you know about this?

Re: NWR: Savings Account Question

I know my bank charges for 6 transactions or more per month, but they never told me it was b/c of the federal Government.

Hmm, I feel like I should put on my knee high boots

Re: NWR: Savings Account Question

Message edited 10/20/2008 6:45:17 PM.

Re: NWR: Savings Account Question

I had both transactions, they told me it was not a bank rule, b/c when I opened it they told me there would be no fee's if I had am automatic transfer from checking. They claim it to be a Federal Rule, weird. I tried checking it out online but couldn't find anything.

Re: NWR: Savings Account Question

you're allowed 6 transfers from savings to checking at my bank before they charge you.. so it sounds about right

Re: NWR: Savings Account Question

did you review your banking agreement? it should have a list of fees that they charge (overdraft, etc.).

Re: NWR: Savings Account Question

My bank will let you deposit to your hearts content, but i think im only allowed 6 withdrawals from my savings before I get charged.. I think the fee is only 3 bucks though..

Message edited 8/28/2007 4:29:03 PM.

Re: NWR: Savings Account Question

Do all of you have a regular savings account? Is this why??? I have an online only account with a great rate and never got a fee for anything!

Re: NWR: Savings Account Question

Message edited 10/20/2008 6:46:20 PM.

Re: NWR: Savings Account Question

At the bank where I work, there are no limits to how many withdrawals you may make from your savings account.....However, there is a limit of 6 electronic transfers from savings to checking....
Hope this makes sense....If you have any questions, FM me....

Re: NWR: Savings Account Question

Check out ING online - they are awesome, never any fees.

Also - Commerce - I have never had to pay a fee and if you keep 2,500 in your checking they reimburse your ATM fees at the end of the month.

Re: NWR: Savings Account Question

Is it a credit union? Maybe they were saying a federal credit union rule?

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yea.. my bank chargest $5 for each transaction over 6 per month with my savings acct.... but for a checking acct I can do 293871298371983719237 a month if I want

Re: NWR: Savings Account Question

I have never heard of this - I am a member of a credit union and they don't charge us for most that standard banks do...

Re: NWR: Savings Account Question

Yes, I have heard about this. It is a government rule to prevent laundering and dirty terrorist money. You can make as many transactions in person that you want, but online/phone transactions are limited. I had money in my savings and I kept transferring a little every few days into my checking to cover various expenses. Then they slammed me with a 15 dollar fee for each extra transaction. I closed the account after going off on the the rep. I know it wasn't her fault, but she was such a b!tch.

Re: NWR: Savings Account Question

I have an ING direct account also. Absolutely no fees for a savings account, a gr8 interest rate, & they now offer a checking account so u can transfer from savings 2 checking if u need to make a withdrawl with a debit card.

Re: NWR: Savings Account Question

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Posted by mishi205

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Posted by FuTuRe MrS MaZz

Do all of you have a regular savings account? Is this why??? I have an online only account with a great rate and never got a fee for anything!

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Just curious, how do u withdraw if you ever need to? Which bank is this? I have used Netbank before - wondering if it's the same.

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Re: NWR: Savings Account Question

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Posted by FuTuRe MrS MaZz

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Posted by mishi205

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Posted by FuTuRe MrS MaZz

Do all of you have a regular savings account? Is this why??? I have an online only account with a great rate and never got a fee for anything!

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Just curious, how do u withdraw if you ever need to? Which bank is this? I have used Netbank before - wondering if it's the same.

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HSBC - 5.05% APR - You can withdraw from an ATM or you can transfer funds from savings to checking through their website... Just cant deposit or withdraw using the teller

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Re: NWR: Savings Account Question

i better check mine god i transfer from savign to checking like constantly and then put back in uh oh....

Re: NWR: Savings Account Question

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Posted by Snickers76

Yes, I have heard about this. It is a government rule to prevent laundering and dirty terrorist money. You can make as many transactions in person that you want, but online/phone transactions are limited. I had money in my savings and I kept transferring a little every few days into my checking to cover various expenses. Then they slammed me with a 15 dollar fee for each extra transaction. I closed the account after going off on the the rep. I know it wasn't her fault, but she was such a b!tch.[/QUOTE


I hear ya, I was about to do the same thing. I just found it odd that they said it was regulated by the gov. I was doing the same thing transferring from sav to checking. I guess this is why.

Message edited 8/28/2007 10:05:41 PM.

Re: NWR: Savings Account Question

Thank you, I guess I can see why they (the government) has to do this, now that we live in a world with a lot of sketchy people. I think I may switch back to doing it online, they have better rates anyway.

Re: NWR: Savings Account Question

that sounds weird.. . .i'd check on it

Re: NWR: Savings Account Question

Bank of America did that to me after 3!!! I was fuming! I immediately called them and had them explain to me this absurd policy. Apparently the US government only allows you to take out "x" amount of times and in order to stop you from withdrawing too many times they charge you a fee. I told them it is ridiculous to charge us and that when we get to the max then they should just not let us take out anymore money. Needless to say they gave me back the fee.

Re: NWR: Savings Account Question

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Posted by KiTTeN0819

My bank will let you deposit to your hearts content, but i think im only allowed 6 withdrawals from my savings before I get charged.. I think the fee is only 3 bucks though..

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Re: NWR: Savings Account Question

This is why I love credit unions. No minimums, no fees, phone and online banking, late hours, and I can go to one shared branch and bank with two different credit unions.