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Limit of 6 ACH Transfers on Savings Accounts

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There is a limit of six transfers, ACH or otherwise, per statement cycle on savings accounts as mandated by the Federal Reserve board Regulation D, which defines the rules of each account type and its reserve requirement. Why is this important? With the advent of online savings accounts and the chase for a better interest rate, ACH transfers into and out of savings accounts are becoming more frequent. Before online savings accounts like ING Direct and Emigrant Direct, when you actually had to visit a bank to initiate an ACH transfer; a limit of six transfers on a savings account wasn’t really a problem. In fact, you’d be hard pressed to initiate six in a year, let alone six within a statement month. Now, you can initiate six ACH transfers within a statement cycle without really realizing it and that can be cause to terminate your account!

The reason for this is because your savings account is classified as a “saving deposit” and the reserve requirement on a “saving deposit” is 0%, compared to something like 10% on a “transaction account.” A reserve requirement is how much of the balance the bank must keep in reserve and not give out in loans. So when Emigrant Direct gets your $1,000 in your saving account, it doesn’t need to hold any of that in its reserves, it can loan all thousand dollars because the reserve requirement on a savings account is 0%. (hence the attractive rates) On a checking account (a transaction account) however, they must retain 10% of the balance on hand because the assumption is you will be drawing on your funds more frequently.

So, why did I look this all up? Because when I was reading the Emigrant Direct’s disclosure statement (link), I stumbled upon this rule:

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!

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314 Responses to “Limit of 6 ACH Transfers on Savings Accounts”

  1. fixemuprn says:

    What I would suggest is to open an account at a credit union where your money is guranteed by the National Credit Union Administration (NCUA)rather the the private Federal Reserve Bank. They do not have this 6 ACH limit because they do not have to abide by the Federal Reserve rules and regs. I know, because I called and asked my credit union about regulation D. Maybe if more people were to bank at their local credit union (where they often offer better interest rates than the bigger commercial banks), the big banks will finally get the idea that they need to treat their customers a little better…hopefully before they go bankrupt.

    • Toering says:

      Actually that’s not correct. I just had this happen to me and I bank with a local credit union.

    • Lori says:

      My credit union stated that they are required to abide by these rules. Unfortunately I was unaware of these regulations and had 6 debits from our savings because my husband lost his job. I am now no longer able to use my savings account for overdraft protection and was threatened with the closure of the account

    • ed says:

      My credit union has the same 6 transaction per month policy

    • Stephanie says:

      I have to disagree with your statement about a credit union. I have a savings account at a credit union and they do have a regulation D and the 6 transaction limit. I know from bad experience. After 6 transactions they charge a fee like an overdraft fee, mine was 3 charges of $35. Now checking accounts evidentally do not have any limits on transactions atleast thats what I was told by the teller that if I had a checking account instead this wouldn’t have happened.

    • Christina Collins says:

      I beg to differ with you on the credit union bit. I was banking with a credit union and not only did they deduct the fees, but they also did it on my checking account telling me it was to be done on both, when I have accessed my savings only once in the year or so I have been there. $225 worth of fees!

    • Anonymous says:

      It’s not the bank that decides this making it not a valid comment to say that they need to treat their customers better. It’s the federal government that decides. Working at a bank I know this and trust me, if I had the power to change the rule I could but I can’t. So get mad at the government not the banks.

      • Eric says:

        Actually, many banks waive these fees, hoping instead that a polite reminder will bring their customers back in line. Accounts will be cancelled for a pattern of violations, showing wilfullness.

        The federal regulation only discusses how a bank deals with the Fed (i.e., the bank can’t count accounts with 7+ transactions as a “savings account” for reserve requirement purposes). The federal regulation doesn’t say anything, one way or the other, about how a bank should deal with this issue with its customers.

    • Chris says:

      I love how you wrote this all professional just to be wrong!!!! hahaha

      • Rita says:

        The original comment IS wrong, everyone wrote to correct him. If you did any research you would know that instead of making a dumb comment.

    • Amy says:

      You can go into the branch and do a in person transfer without having to pay the fee.

      • Robert says:

        What bank are you with? I receive a letter from Chase bank last week stating that I’m limited to any combination of six withdraws/transfers out of my savings account per month.After that I’m charged $5.00 per transaction.That includes those made at ATMs and in branches.

        • linda says:

          Yes, this same thing happened to me. I was charged a total of 25.00 dollars, and had no idea they were charging me 5.00 dollars for these transactions and withdrawls. Went to Chase and told them, I had no idea this was going on. So they waived the fees for me. But now I must watch out, and not going over my limit. Don’t understand this law, it is our money and we should be able to take out as many times as we like! This law has really upset me and my husband!!

    • Larry says:

      Sorry, that is not correct. It was my credit union that told me about the law.

    • Ray says:

      Wrong! To my detriment I can tell you that Credit unions use this exact policy. I am a Desert Schools FCU customer and have just been hit with a $20 debit for going over my limit, although they did refund it after I said I would be in to close my account.

  2. CNelson says:

    I recently discovered this unfortunate fact as well- $125 in overdraft fees because I was not able to transfer funds to cover my vacation expenses. :(

    I am sick of federal regulations on things like this- it’s my money, why can’t I use it when I need it?

    • Stephanie says:

      I am so with you on this! Banks and the federal government is wondering why people don’t use their banks like they used to….because people don’t have rights to their own money, its regulated by the federal government and after the past few years of banks closing and going bankrupt people are scared to keep their money in them.

      • marla says:

        I completely agree, it is insane that people are not allowed to use their OWN money without being CHARGED FEES!!!

    • Alethea says:

      I had a few hardships hit my family all at once causing overdraft fees on my account of $145.00 paid to the credit union. I made 3 efforts to transfer money. I went to an ATM one of those 3 times and transferred it just fine. The other two were on line where My Credit Unions system said “Transaction approved” so I’m thinking no problem I’m all squared. I have demanded they refund those charges otherwise I will be closing my account which has been with them since 1995 and I will not reopen an account anywhere. The company I work for offers a paycard which would automatically be loaded with my earnings every two weeks and that would be all I need. An inconvenience however worth it to me so long as there are no limits put on that as well. I am sure that someone who thinks very highly of themselves and has millions sitting in a bank who would never be impacted by such a ridiculous regulation put this in place to keep the money in their pockets for “investing” because that’s the only reason I can find or think of that our government would put such a regulation in place. Aren’t we supposed to be spending our money and stimulating the economy?! So with that said. Our government and big business apparently don’t recognize their greed and unneccessary control inevitably will lead to the decline of our country starting with our banking system. Everyone knows we are half way there. They don’t allow those who are responsible for thier own actions to take the necessary actions to save themselves heartache and frustration. I don’t know about anyone else, but I don’t have time to be going in and out of a bank to transfer MY money… and I completely agree Who the HELL do any of these people think they are telling me what I can and can’t do with MY own money. The worst part… My Credit Union’s phone systems answers “Thank you for calling ________ Credit Union, You’re not for profit organization” What a JOKE! I should hear within the next 3.5 hours if they are going to credit me and transfer the money as I have requested twice on line.

  3. Zach says:

    This just happened to me at my local credit union. I was on my honeymoon and I had money in my savings but because I went over the 6 transfer limit in the month, I was charged $200 in fees. Ridiculous. What do we do to change this? Maybe savings accounts need 10% reserve requirement. Its fascinating how banks operate and no one seems to care at the absurdity of it all or atleast lets it keep happening – maybe because everyone was getting “funny money” in the forms of loans and thought they were rich… but now things are changing, eh?

    • Brion says:

      This is what you do, you have more than one savings account and scatter your transfers between them, I personally have three savings accounts and one checking account online and none of them have minimum amounts so I do not have to worry about carrying a balance if I do not want to, you just have to play the game better than the government which really is not that hard as they are all a bunch of idiots anyway. It has cured my problem, I pay bills out of them and transfer money whenever I damn well please!!

  4. J smith says:

    Everyone, don’t blame the government for the fees.

    It may be a dumb government rule, but it’s banks like Chase that are exploiting it and misrepresenting it out of greed.

    The government-stated limit is 6, not 4. The fees are 100% tacked on by banks. Nice banks give you warnings, and then automatically switch your account to checking.

    Evil banks like Chase start imposing fees — big ones — repeatedly — after 4 withdrawals (not 6). And they position it like it’s the evil government rather than evil Chase causing the hassle. And they steer you into expensive overdraft “protection” by default. And they double-dip, charging you big fees for overdraft “protection” and automatic withdrawals over 4.

    They know it’s controversial and they know they are going to alienate many customers. So you should be able to tell them to reverse the fees. (I did).

    Then, do some web searching and move your bank accounts to a more scrupulous bank.

    • RANDY says:

      Yup. Same thing happened to me at Chase. I got charged a fee for more transfers than 4, then 2 additional fees for each over limit transfer. I asked them to refund the fees and they declined. I’ll be banking elsewhere very soon.

    • Ellen says:

      It cost my son an additional $13 for them to transfer $10 to cover his overdraft. The customer service guy said it was because of the federal regulation. I read the regulation and lets just say the banks are the ones taking advantage of it. How many billions of dollars are the banks making on the working people of this country. My son just moved out, goes to college and works for minimum wage. How is he supposed make it on his own. I guess if I was a bank executive making millions in salary and bonuses he would have no problem.

  5. chuck wilson says:

    The Regulation D discriminates to the disabled and the people with special needs the most. I have a friend that is a disabled vet and has no legs. The bank fined him for going over the limit with his savings account and turned off his account. I wish that they would abolish this law on the grounds that it discriminates towards people with special needs. Simply put, they don’t have the same luxuries as we do. I say, shame, to whoever came up with this law. The law forces people to go to the bank or ATM to make a withdraw from savings. This guy has enough problems, now the government is telling him how to do his banking. Shame!

    • John says:

      As much as people like to blame the Government for everything, this is the large for profit institutions that are at fault.

      The Part D regulation that the Banks have been charging you fees for violating is simply the regulation that defines the difference between a Savings Account (savings deposit) and a Checking Account (transactional account). If you make more than six electronic transfers out of a (savings deposit) account in a 1 month period it will no longer qualify as such and may have to be changed to a (transactional)account and that changes the amount of money that the bank has to hold in reserve, that’s it.

      There is nothing in the Part D regulations that says that a Bank has to charge you a fee for violating this rule even though that is what they want you to believe, my bank went as far to say that they where charged by the government so they had to charge me for it.

      A good quality Bank will notify you about the 6 transfer rule and then if you continue to have problems with it change your savings account to a checking account. The other guys will charge you large fees and blame it on whoever they can and keep doing it till you change banks.

  6. Anonymous says:

    Let us all have ONE account CHECHING.

  7. Bill says:

    Why is there a 6 transfer limit anyways? Why did this all come about? I have overdraft protection for a reason and so what if I drain my checking as long as I have savings to cover it?

    • Skippy says:

      You did not read the article above… this is why AND so banks do not get a bailout again fro mthe gov’t…

      “when Emigrant Direct gets your $1,000 in your saving account, it doesn’t need to hold any of that in its reserves, it can loan all thousand dollars because the reserve requirement on a savings account is 0%.”

  8. Jason says:

    Yeah Uncle sam got me for 345 bucks. Paypal pulled out of my Savings multiple times. It cost me more in fines than what I bought. So now I have decided to pull all my money out of banks and have become a non consumer since I get punished if I spend money or not. I am tired of all these people ( our government) telling me how I can spend my money, when and how often. But no more. I encourage others to do the same.

    • Stephanie says:

      I am with you, I have a savings account that I will no longer deposit money into, just use it as a check cashing station without any fees.

  9. Rich says:

    The six limit rule does not apply to ATM transfers, transfers made in person at your bank, nor transactions sent in by mail with an original signature.
    My reference is the Federal Code of Regulations (12 CFR part 204.2) which is titled definitions. Several credit unions have common sense wording which you can find on the web. Goggle “Federal Banking Regulation D” and look for University FCU, or NARFE FCU, or even good old Wikipedia.

    • Bodie says:

      I was charged for transfering from and ATM. When I asked about this I was told by the bank manager at Wells Fargo that ANY electronic transfer is subject to the limit and ONLY transfers made from within the bank at a teller station would not be subject to the agragate limit.

      Bottom line is that Banks want to charge you for eveything now. Take the check cashing fees for instance. They say they are providing you a service by chashing a check drawn on their bank writen to you by one of their customers. I say I am providing their customer a service by taking their check.

      • JB says:

        Below is from Wells Fargo’s website Fees Questions FAQ page. I called Wells Fargo to confirm that there is no charge (and it does not count towards the 6 limit of Regulation D) to transfer money at an ATM using the transfer function. You should call again and inquire and then try to get your money back. I went over 6 in one month and was charged $10 for each transaction over the limit but I was able to get them to refund me $5…so to whomever thinks it’s a government fee, to put it simply, you’re wrong. It’s an evil central banking cartel fee, designed by the Federal Reserve (the “FED” is not a government entity either, it’s essentially a private corporation with Congressional oversight…Google it!).

        FROM WELLS FARGO’S WEBSITE:
        An Excess Activity Fee occurs when you exceed the federal regulatory limits on savings account transactions. Regulation D limits certain types of withdrawal and transfer transactions you can make out of your savings or money market accounts to a maximum combined total of six (6) per month or monthly statement period, including:

        Transfers via telephone
        Transfers via Online Banking (including Bill Pay)
        Automatic Transfers for Overdraft coverage to your checking account
        Pre-authorized transfers and withdrawals from your account (including automatic and wire transfers)
        Checks, drafts, or similar other withdrawals payable to third parties (counted when they are posted to your account and not when they are written)
        Debit Card or ATM Card purchases that post to your savings account

        An Excess Activity Fee may apply for each transaction that exceeds the limit stated above. If the Bank determines that you are exceeding the limit described above on more than an occasional basis, the Bank will, at its option, either close your savings account and transfer the funds on deposit in your account to another account that you are eligible to maintain, or terminate your right to make transfers and write Items against your savings account. For details, or to see if there is a Wells Fargo account that may better meet your banking needs, please call 1-800-TO-WELLS (1-800-869-3557).

        • Jessica says:

          I also had this same situation just today. I spoke with three different people and threatened to close my accounts. She eventually gave in and refunded two $10 fees.

          I asked her if the fees went to the federal government since it’s a federal regulation and she said “no.” It’s definitely Big Bank relying on fear of the FED to take money.

          The oddest thing was that she said I could make transfers between my accounts, which is how I went over my 6 transaction limit, at an ATM or in person. But I could not do the EXACT SAME THING online.

          Wow.

          • Alethea says:

            I agree- what difference does it make how I make the transfer if I am the one requesting the transfer? I have to go through 4 different “security” screens to get to my account you would think that would be enough to justify I am wanting to do it. They all sound like a buch of idiots talking in circles…

          • Debra F says:

            Bank of America charges after 3 withdrawals…. of ANY kind. They say that they charge $3/per over 3.
            When I challenged the CSR and told him the Federal Regulation is 6 (which is absurd and just another way for the gov to steal from the middle-class), he stated “Well I see where Bank Of America only allows 3″.
            Interesting how they can take an unfair Federal Regulation and make it even more inconvenient – and costly – for their customers…..
            Oops – did I say “customers”? I meant FORMER customers.

  10. stinged says:

    Chase said the $12 fee per transfer $36 for three I was charged is a fed charge and they could not refund me for not knowing the reg. It can add up quick and you don’t know it.

    • John says:

      My roomate was refunded the $ 12.00 fee. I can pretty much guarantee, the federal government is not getting the fee.

    • Tara says:

      yeah wells fargo changed my statement cycle without letting me know so i got charged twice for excessive activity fees. they were $10 each. i called them up and i was told she would take care of the fees and when i looked at my account she had only reversed half of each fee. she also told me i was ok to make a transfer so i had her make one then i got another fee! so i had to call again! they reversed that whole fee because it was their error but i couldnt get the whole fee reversed for the other 2 because they werent allowed to and there was know way of them doing it. even it wasnt explained to me what she had done. i’m about fed up with my bank i would go to a credit union but i’m on check systems right now and they wont let me open up an account and wells fargo is the only one that gave you a “second chance” account.

  11. Delmar says:

    I just got hit with three $30 fees. They refunded $45 dollars of the $90 bucks. Better than nothing! Anyhow, you can also back it up with credit card if necessary.

  12. Juanita says:

    I just want to say.. I never realized what regulation D was until I logged into my banks website to find that my savings account was GONE. They meaning government changed my acct into a checking account with a completely different account number. I was a) surprised b) extremely mad. All my direct deposits into those accounts.. were returned… so much for having a Christmas for my kids..I received no notice by phone or mail. The government just did what it wanted.

  13. Face says:

    Is there anywhere we can put our money that doesn’t have to abide by these rules. Yes my credit union sent out there notices this week. 6 transactions. This really messes us up. My husbands check goes into the savings and we distribute into other checking acccounts. When the credit cards are due we transfer out of savings to checking to cover the transfers. We have an unplanned expense we transfer to checking to cover it. this is how we want to do it not how the federal government now says we should.

    • Brion says:

      Open accounts with ING and you can have multiple savings accounts to transfer from with no minimum requirements on a balance, they will warn you on the sixth one and have never charged me anything, the interest rate is higher with them and again you can have multiple accounts so you can avoid the 6 withdrawal maximum in the first place, I have an actual savings account and then I have a couple others to pay bills from and whatnot, I will never have more than 3 transactions per month on any of the four savings accounts I have, just have to play the game with better skill, there is always a way around almost anything the government does, other than taxes, well unless your rich……..

      • Wesley says:

        I agree with this. INGdirect.com allows you 1 checking account and up to 25 savings accounts. I was having my check direct deposited into one savings account and then automatic deposits to transfer funds allocated for bills to other accounts. This put me over the limit of 6, I actually had more like 22 withdrawals in a month. They sent me the courtesy letter suggesting I deposit to the checking account and then subdivide the allocated funds back to the other savings accounts. This brings me to no more than 4 withdrawals from any given savings account per month. So far so good.

        I see the point in the regulation, but was unaware that any such thing existed. Fed does not require the fees, just the limits.

        Life is not fair, and we are all trying to get ahead, but I don’t try to hinder you, do why are you trying to hinder me? This statement can apply almost anywhere.

  14. HSBC ACH transaction says:

    hank you for contacting HSBC Bank USA, N.A., the world’s local bank.

    Federal regulations impose specific limitations on transfers for savings
    accounts. Only six preauthorized, automatic, computer or telephone
    transfers can be made from a savings account to another account per
    calendar month or statement cycle (or similar period) of at least four
    weeks. No more than three (3) of your six (6) such transfers may be
    made by check, draft, debit card, or similar order made payable to a
    third party if permitted. If these transaction limits are exceeded for
    any three (3) months during any twelve (12) month period, the Bank may
    be required to close the account or change the account type.

    For additional information on the products and services HSBC Bank
    offers, please visit us at us.hsbc.com

    It’s easy to reach an HSBC associate to answer your questions. To send
    a secure BankMail, use the BankMail link conveniently located in the
    left gray navigation menu while you are logged into your Personal
    Internet Banking service. Our Customer Relationship Center is also
    available, 24 hours a day, 7 days a week to meet all of your HSBC

  15. Jim says:

    why is it that we have to make up there reserve it should be like there ckecking account there reserve is overdrawn let the bank take the hit we shouldnt have to pay fees for our own money the bank play with it and pay little or no intrest to use our money but wack us big fees if we want to use our own money let them pay a fee for there reserve being low just like us if our checking goes to low were overdrawn 35.00 fee guess they should pay like we do

  16. Anonymous says:

    I work at a bank and what I don’t understand is why even KEEP money in a savings account if you are going to move it all anyway each month. Fact of the matter is, savings accounts are for just that, SAVING. If you want to move money every month why not just put it into a checking account that have no regulations regarding this. I take so many phone calls regarding this and while we do not change a customer’s account the 1st time it happens (we give them 3 warning letters before shutting down their electronic banking abilities and then on the 4th we shut down their OD protection)we do charge for it. After the 3rd letter you would think that people would re-arrange their acocunt or spending habits to avoid the fee/regulation. NOT wait until the 4th notice and then call screaming and yelling that e (the bank) and the government are a bunch of monsters. Open a checking account, heck, even open an interest bearing checking account if you have the opportunity to. Interest rates are so low right now, and you’re not keeping money in the savings anyway apparently, why does it matter?

    • Steph says:

      Why does it matter? It matters b/c it is my money. I use my savings for just that…savings. But, unfortunately, things happen like job loss. So, on an unexpected month where your husband loses his job, the hockey fees are due, your oldest son is getting ready for college/HS graduation, teeth need fixed…you can get lost in the transactions and overdraw. It happens. Isn’t it enough that we get charged outrageous fees for the bank to “protect” me from overdrawing my checking acct? Now I have to conform to how the government says I should use my savings account?! They can’t even balance their own budget, so stay out of mine!

      • Pam says:

        @ Steph:
        I completely agree with you! Since the government can’t balance their own budget they should stay out of mine! And, thank you John, JB, and John Smith for letting us all know that the fee is set by the bank/credit union! My credit union refunded one of my five $35 fees! I will call again and if they refuse to refund the rest of my money I’ll go elsewhere.

        • Eric says:

          The government isn’t telling the banks whether to charge fees for violating the terms of the savings account contract. The government is simply regulating banks, telling them they have to hold money in reserve so that if their customers want to draw down their accounts all at once (e.g., in a panic), the banks will be more likely to be able to respond to withdrawal requests.

    • Pam says:

      I understand your position; however, many people are out of work and have taken a job that pays much less than they are used to making. In my case, my husband’s company fired many employees or reduced their salary so much that they had to leave and find better jobs. The “better” job my husband got turned out not to be so he opened his own business. Although the business is doing well, he isn’t paying himself what he used to make. Many people in this economic downturn are learning to live on much less than they used to. If that means that they need to pull their OWN money out of savings to help cover their bills, or unexpected expenses, they should be able to. And, not everyone has time to look at their banking history every day. My job (helping with the business for free), taking care of my three kids, cooking dinner, helping with homework, etc. come before checking my bank history every day.

    • Anti-Anoymous says:

      People get interest on Savings. People get lower or no interest on checking accounts. There are fees on checking accounts. given the choice why are you surprised that people want to use savings accounts for normal banking?

      To the auto checker bot I am not amused with your demand to rewrite my post from a blank sheet. This is not “spammy” so stop directing me to rewrite autbot.

    • Debra F says:

      Because many of us choose to place money into savings with the intent of doing just that… SAVING. But things come up sometimes that aren’t expected – like a 3-week interval where you’re between jobs… or your 20-year old daughter leaves an abusive relationship and runs to your home, and then you have to fight to get her child because the father wouldn’t allow her to go with the mother and the police can’t intervene without judge’s orders – and even when you get those, the father keeps hiding the child so that you’re spending a lot of money on gas, phone calls, and other necessaries to try and get your granddaughter home safely… or someone hits you head-on and their insurance decides to fight the claim – meanwhile you have to get yourself and your family on the road again and pay the doctor bills associated with the wreck while waiting for the other driver’s settlement.

      LIFE happens and screws up our intentions now and then. And when it does, it shouldn’t incur a penalty from the Federal Govt or an excessive fee from a bank you trust.

  17. JD says:

    ATM transfers count, but do ATM withdrawals count? Because rather than transferring, one could simply withdraw the money … then redeposit it into a checking account. Right? My ATM accepts cash deposits.

    It seems completely ridiculous that in person withdrawals don’t count, but online do. When was this law written, 1925?

    Lastly, in reply to the bank worker, times are *still* hard and money is extremely tight for many Americans. I was not aware of this law and made several transfers in order to cover bills, both regular and unexpected. I had the money, would it be better to let the bills bounce instead of transferring out of savings? I was trying to leave most of my money in the account, hence several small transfers that put me over the limit.

  18. Adrian Miller Jr says:

    I’m highly upset about this federal regulation to charge me for moving MY HARD EARN MONEY from MY savings account. I bank @ two different banks and I was charged because I made more then three at one bank and I went over four at another. This is straight BS, because both institutions talked me into getting a savings for overdraft protection. However, they failed to mention if I make more than three transfers from my saving to my checking you’ll be charged.

  19. Afghanistan says:

    Well, I work and live in Afghanistan, that is my money and I should be able to access it anytime I feel I need to. This is stupidity at a new level.For all of you anal retentive bank employees, there are some people who actually need access to THEIR MONEY.

  20. mel says:

    the regulation is nothing new. i have worked for banks and a credit union and the federal regulation is there for both. they are trying to encourage people who open a savings to use it as such. if you only want an account to bounce money around, that is what your checking is for. sure we all go through needing a new furnace (happened to me in december) and crazy unexpected expenses, but you can transfer one larger amount out of your savings, even 2 or 3 times to cover these unusual circumstances. if you have to use your savings as OD protection more often than that, then shame on you for not managing your expenses better. fyi, these regulations are outlined in all the material handed to you when you opened your account… i bet like all your manuals or instructions they were tossed out, shoved in a drawer or otherwise never read.

    • Alethea says:

      Wow… and I bet you read all the fine print they flash across the screen for an infomercial… NO SHAME ON YOU!!! For allowing this sort of nonsense to take place… You seem to be missing the point that no matter what kind of account it is… If it is MY money I should be FREE to use it exactly the way that I want. Besides… Doesn’t a bank move funds from one account to another to yeild higher payouts for themselves? So tell me how is that any different from me moving funds back and forth from one account to another. Infact this is a common practice of corporate or large businesses but working for a bank you should know that right?! Banking is a business just like any other. You are stupid if you think that defending the bank is the RIGHT thing to do. So good job grouping yourself with the idiots who are running our country into the ground. What kind of idiots do you think people are?! Really?!

  21. allmylifeinpdx says:

    This just happened to me. We use the Savings account to pay Federal Taxes with via ACH. We were not aware of the limit, and had accidentally posted some transfers in error TO the savings account. When we discovered it a few days later, we were not able to transfer them back because we had already had 6 transfers OUT of the savings account. The funny thing is, the lady on the phone told me that, I can’t transfer it online, through my banks website, and I can’t do it over the phone, but I could transfer the money using an ATM, or at a branch. It’s weird that I could talk to a teller in person, but not on the phone, exactly opposite what the banks really want you to do, and that I could drive over to the nearest ATM, and supposedly do it there, electronically, but not through my computer. It’s near the end of the month, so we will just do the transfer in a few days, but wow – this is really lame.

  22. Adam says:

    I don’t know if this has been mentioned..you can transfer via an ATM as much as you want, those aren’t subject to the 6 per month rule! My credit union suggested it!

  23. Geno says:

    I was charged $60.00 by my Credit Union in Bergen County N.J. for “EXCESSIVE REG D FEE” so I guess now its not just an FDIC issue but also a NCUA issue! And they did not even send me a notice from Paragon Federal Credit Union, and I have been a customer for years! What a Shame!

  24. Baxter says:

    I mistakenly transferred $3,000 into my savings account instead of my Mother’s checking (her brokerage income). In order to transfer the money back to her, I was limited to $1,000 per transfer (to same institution), so had to use up 3 and ended up going over the transfer limit that month.

    I was charged $10 & had 2 pending transactions. By the time I received the notice in the mail, they got me for another $20. Just simply ridiculous. I don’t mind paying the 1st $10, but another $20 is a joke.

    I called Wells and first got the “it’s a Federal Regulation…blah”. I was nice & simply said “ok”. He asked if I needed a checking and I told him I already had 3 with them. He then went ahead and reversed all $30 charges, which I didn’t expect. I know I just got lucky plus I’ve been their customer for 25 years.

    So, yes, it’s Federal regulations to limit the transfers, but don’t kid yourself, it’s the bank that decides on the action to take, including the fee amount. They can easily wave them if they want but it’s such an easy way for them to make money, why would they?

    Savings accounts these days pay practically 0%, so why even bother with one? Might as well just get a checking and avoid the hassle and excessive fees.

  25. Bill says:

    My bank avoids having your savings account close by automatically converting your savings account to a checking account if you hit 6 online transfers. It’s a good thing because it really saved me one time.


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