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

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.).

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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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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

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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.

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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

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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...

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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.

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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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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

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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Are you sure you can't use a teller because have that same account and I think I can go to a teller...although I never do.

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.