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NWR: Savings Account Question

Original post by menc

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?
menc Posted:

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.

klanghan Posted:

Re: NWR: Savings Account Question

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

Summer07Bride Posted:

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.

Summer07Bride Posted:

Re: NWR: Savings Account Question


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..



3 dollars from millions of people who do not know about the policy is millions of dollars.
DrWho Posted:

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.

FuTuRe MrS MaZz Posted:

Re: NWR: Savings Account Question


Posted by HotAir


Posted by FuTuRe MrS MaZz


Posted by mishi205


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!



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.



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



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.



I never tried to use the teller either, but I rem hearing that they can give you such great rates because they cut out the middle man (aka the teller) It makes sense!

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