Comments on: Limit of 6 ACH Transfers on Savings Accounts

By: Ayj

Ayj — Thu, 22 Oct 2009 18:43:56 +0000

There is no conspiracy necessary to understand that special interests of the banks are behind this law and its continued implementation. People on here just feel the government works against them at times, and this is one of those times. To dismiss that general sentiment as idiotic or moronic is quite ironic. This limitation is simply a windfall for the banks in fee revenue – while having a nominal basis in liquidity – its not the number of transactions, but the amount of the withdrawls that creates illiquidity.

By: Ayj

Ayj — Thu, 22 Oct 2009 18:36:16 +0000

It’s a matter of notice and disclosure. Most people get upset over it because the only become aware after the fact, and no type of notice is provided. One must figure out when their monthly cycle starts, what constitutes a transfer under Reg. D and how many transfers they have conducted during that cycle. Moreover, the Banks or CUs don’t allow you to transfer funds from your savings to your checking online, but will allow you to authorize a payment to a third party from your checking to incur yet another fee. They will let you transfer money from your savings to your checking in person without incurring a fee. So your theories of liquidity are the banks arguments to the consumers, but not the reality of the situation. This is a situation where the banks are in the ear of the Fed and government to have a law passed limiting these transactions, and then they have a justification to charge fees to those who bank with them and hide behind the “law” when the asses their wildly varying fee. There is no penalty that banks must pay if all of their accounts have more than six transactions.

Also, six transactions between 50-200 dollars are not as damaging as two transactions of over 500 dollars – so the liquidity argument is silly and the limiting of the number of transactions is arbitrary.

By: Jaka

Jaka — Fri, 25 Sep 2009 20:36:17 +0000

I just had this happen to me. US Bank $15 a pop. What I think is ridiculous is that they don’t charge any fees until the very end. If they were so concerned about my transfers online, they should have a window that pops up that says “nope, you can’t do this. Come into your local branch.” But of course, like everything else banking related, they let it go through and act like they’re doing you a favor and then charge you up the @#$*( for it.

By: Jaka

Jaka — Fri, 25 Sep 2009 20:31:56 +0000

I just got hit with $180 in fees ($15 per transaction) for moving money from my US Bank savings to my US Bank checking. They won’t do a thing about it either.

By: cassidy

cassidy — Fri, 25 Sep 2009 00:14:55 +0000

I agree. This happened to me a few months ago, however I was told by US BANK that any atm withdrawls or transfers was not included in the 6 transactions. So, this month I had 8 and was charged $30. The bank will not credit this money back to my acct either. This is crazy… we put our money in the banks & all they do is take it.

By: Disgusted

Disgusted — Wed, 16 Sep 2009 10:06:12 +0000

I just moved into a bigger apt after saving for the last 5 years. I had all these transfer fees from the utility companies and the payments to the new landlord and I got laid off for a week and took a cut in my child support b/c my ex lost his job and didn’t get a dime from unemployment so I used the hard earned money I saved in my savings account to pay for some bills. If they would look at my checking account they would see I can account for every dime. I am sooo mad that they charged me and it is not like I was transferring money to someone in another country, then I can see the governments reason for this. But b/c the banks don’t know how to handle their money I need to be punished? I needed a bail out and I saved and damn it I should be entitled to use that money whenever and as much as I want. I’m not talking a lot of money here either. I was only transferring small amounts to cover some bills, just happen to make more than the allotted transfer amount in my billing cycle.

By: Judy

Judy — Sat, 05 Sep 2009 12:13:56 +0000

I’ve been with Chase since it was Irving Trust–nearly 30 years ago. I was notified of this for the first time about 2 months ago. I called and the representative explained what I took to mean if I withdrew money from CHECKING, it was fine, but not savings. I asked him if, in that case, I could transfer money from Savings to Checking and then withdraw and he said definitely. Well, I got another notice yesterday, threatening all sorts of stuff if I did it again. My question is this: Are they telling me that IN 30 YEARS I never went beyond this and now, suddenly, I’ve done it twice in a couple of months?? I never exceeded the withdrawals when I bought my house or other check-intensive months?? They claim it was included in the rules & regulations when I first opened the account. Garbage. So my major complaint is that they seemed to have kept this very quiet if it was instituted over the past few months. What a nightmare.

By: Della

Della — Fri, 04 Sep 2009 22:11:14 +0000

I completely agree with this post. The company I do accounting for is struggling through this tough economy, so I try to squeeze any penny anywhere I can by putting all the money into a savings account to earn interest and withdraw it as it’s needed. Little did I know, that a small business, trying to “live the American dream”, will get punished with bank fees. The bank send us a letter today stating they will charge $10 per transaction!! This is ridiculous! We work hard for our money and should be able to do with it as we see fit, instead the banks make more money on loans and interest just like fishfry said.

By: Paul

Paul — Wed, 19 Aug 2009 16:11:59 +0000

My beef with the policy (which I don’t like, but which I do understand) isn’t so much with the policy but with the lack of clear disclosure by my bank. Unlike a CD, whose limits are clearly disclosed when the CD is purchased, there was no clear disclosure of this policy when I opened my savings.

By: Greg Patrick

Greg Patrick — Wed, 19 Aug 2009 15:25:02 +0000

You need to notify BOA, you are allowed unlimited withdraws of savings, money market from a teller and also from the banks atms-at the banks branches. The 6 withdraw limit applies if you do it online, or in a store, or a non BOA atm or atm not located at bank branches/main offices.

By: Marla

Marla — Wed, 19 Aug 2009 14:34:04 +0000

If you have a savings account with Bank of America it doesn’t matter if you do withdrawals online or in person. You are only allowed to do 3 in a statement cycle. After the 3 they charge $5.00 per withdrawal.
Now if they use your savings account for overdraft protection BofA also charges your savings or checking acct. $10.00 per transaction. Plus the overdraft fee of $35.00.
And BofA did not announce that they were changing the monthly fee that they charge to your savings acct. which was $3.00 to $5.00, this went into affect when the bank had to pass that Federal Stress Test.
BofA along with the other banks did bad loans on the housing market & now they are trying to recoup their losses through fees. They do that enough times with enough people they will recoup those losses plus more. Not to mention they get to pass the Federal Stress Test with flying colors. And they are also enforcing the limit on savings accts. or they will change your savings acct. into another checking acct. where they can collect even more money on monthly maintenance fees. Which they are doing to me, so I’m going to close out the acct. before they can collect any more fees from me. I refuse to pay $10.00 per month for the bank to do nothing more than watch a computer screen on individual accounts.
It’s now our fault that the banks gave out bad loans on housing mortgages especially since they more than likely knew that alot of those loans were going to go belly up in the near future. (Variable rates: where the interest rate fluctuates, usually going up more than down, like flowing water. I didn’t see too many mortgages on fixed rates. So the banks knew that people were going to have problems on their mortgage payments very, very soon.) That’s the bank’s fault not mine or anyone elses. We shouldn’t have to pay for what happened. Not to mention, what happened on Wall Street, which that is the nature of the beast when you gamble with money.
And the banks want to regulate our finances & they say they are taking care of us, as their customer, they can’t even take care of their own finances.
Credit Unions, as I’m finding out, are not much better than banks. You have to have A-one credit to get a debit/visa card from them. If one doesn’t have that kind of credit then the only thing they are giving out is ATM cards (only) & if you want to do online banking then you are out of luck. Not to mention, if you use your debit/visa for purchases then you can’t do that either. I live in Tucson, Az. & 99.9% of the businesses no longer take checks for transactions. Debit or cash only. And that is starting to change to cash only because businesses are tired of paying the banking fees on those debit card purchases. And our credit unions in this city only allow 3 ATM withdrawals any more than that & you get charged a fee.
The banks & credit unions are just plain money hungry for your money. They don’t see that if it wasn’t for the customer opening those acct. they wouldn’t be in business.

By: amy

amy — Fri, 14 Aug 2009 15:40:51 +0000

Anyone find out how to make this change? It is ridculous to be charged for moving YOUR OWN MONEY b/t savings/ checking.

I guess they don’t want anyone to SAve ANYMORE. jUST YANK OUT ALL YOUR SAVINGS AND SEE WHERE THAT LEAVES THE BANK! CHASE BANK, HOW LATE ARE YOU OPEN TODAY????

By: Brian McFi

Brian McFi — Sat, 08 Aug 2009 04:55:46 +0000

I just did about 15 transfers this month, and didn’t notice that I had gone over till recently. I live overseas but my account is in America, so it takes a while before I get any correspondence from my bank. The reason why I did so many transfers is because I keep the majority of my money in my savings account and withdraw money from the ATM through my card that is linked through my checking account, and do transfers as I need the money. I figure it is safer to keep as little money as possible in my account linked to the card in case someone gets the details. This rule will cancel out my security measures because I won’t be able to do that anymore. I had to get a lot of money out quickly because I am looking for a new apartment and they want 6 months up front. I was also planning on buying a car. By the way, I agree with jimmydageek being an asshole, and he is probably definitely a geek. At least he recognises that he is defective.

By: Rudeboyrg

Rudeboyrg — Tue, 04 Aug 2009 03:08:56 +0000

No. Transfers out of savings to any other account whether within your own bank or another bank still counts. Though the 6 limit makes a lot of sense and I agree with it.

By: Rudeboyrg

Rudeboyrg — Tue, 04 Aug 2009 02:10:13 +0000

I was reading the posts on this board and though my head would explode with all the A) idiots or B) whiner conspiracy theorists who think the gov’t is after them. I was about to give up hope and conceded to the fact that all that is left in this world are morons. That was until I read Anon’s post. Anon seems to be the only intelligent person on this board. I was going to explain to everyone else the reasoning behind the limitations and reserve but assumed it would fall on deaf ears. I feel Anon is too wasting his/her breath, but who knows.