Well...Ouch! (Read $%%^$@#%#$@$#^%&^%!!)

So I am sort of a "WorryWart" when it comes to money. I decided to check
my bank this morning and saw my savings was reduced by $30. Now this
was odd to say the least.

So I called. Seems that after you make 6 money transfers (Online) that the
bank (Under Fed law and I don't know why they did this) demands you pay
a "Fee" for each and every transfer!

In this case, I only did 2 over the limit. So they did tell me how to get around
this (Walk into bank, do teller transfer or ATM withdrawl and then redeposit
via teller.

I tell you, we're getting it coming and going now! No, I'm not changing my bank
as this is feds sticking their noses into this. But sheesh!


Oh I just did a quick look to see if really true. Sadly it IS TRUE: This is one guys finding when he opened an Immigrant Direct account.

Federal regulations require that no more than six (6) transfers per statement cycle may be made to (1) an account at another bank or financial institution, including your External Account, (2) to another EmigrantDirect account or (3) to a third party by means of a preauthorized or automatic electronic transfer. We reserve the right to close your Account for violation of the above restriction.

This is nearly an exact copy of Section 204.2(d)(2) of Regulation D of the Federal Reserve Board’s definition of a “savings deposit:”

the depositor is permitted or authorized to make no more than six transfers and withdrawals, or a combination of such transfers and withdrawals, per calendar month or statement cycle . . . to another account (including a transaction account) of the depositor at the same institution or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order, or instruction, and no more than three of the six such transfers may be made by check, draft, debit card, or similar order made by the depositor and payable to third parties. (reference)

So, be aware of the six transfer limit on online savings accounts or you might be in for a surprise!

(Sigh) Lesson learned. 

It just never ends, this war against us us and our money.  Sorry you had to give up the cash.  I suppose it could be worse!.

Well you can blame that on paranoia of 911 for moving money around in the art of possible money laundering. They watch us closer then a over protective mother of a toddler.

Lips