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Posted: 4/27/2011 6:07:22 PM EDT
I got a letter from Chase saying that they are charging $3 for every time I go over 6 transfers in a month from savings and they say its a federal reg. but do not actually reference the reg.   WTF is going here?
Link Posted: 4/27/2011 6:14:14 PM EDT


I Googled your post title and copied and pasted.



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."






















Link Posted: 4/27/2011 6:19:34 PM EDT
How long has this been in effect?
 
Link Posted: 4/27/2011 6:20:13 PM EDT
No idea about the law, but my bank (not Chase) says the same thing.

Posted Via AR15.Com Mobile
Link Posted: 4/27/2011 6:21:10 PM EDT
Are you kidding me? So, if I have 2 direct deposits a month, and transfer funds to pay 5 bills(electronically,i'm getting charged?
Link Posted: 4/27/2011 6:24:35 PM EDT



Originally Posted By martinmayhem:


How long has this been in effect?  


I'd like to know this too.   I don't understand how the Federal Reserve has the power to say how many transfers I can make with my money.



 
Link Posted: 4/27/2011 6:29:31 PM EDT
Its a reg dealing with transferring FROM a savings account.  It was designed to "help" citizens build a savings and considers a "savings" account that has multiple (5-6+) transfers from to not meet the definition of a savings account.

Wes
Link Posted: 4/27/2011 6:33:20 PM EDT
Originally Posted By SETXshooter:
Its a reg dealing with transferring FROM a savings account.  It was designed to "help" citizens build a savings and considers a "savings" account that has multiple (5-6+) transfers from to not meet the definition of a savings account.

Wes


Yep, when I was with Chase i made more transfers than allowed by law and then received a letter saying that if I continued that they would have to change my savings account to a type that i could do that. I was like WTF?
Link Posted: 4/27/2011 6:34:48 PM EDT
Keep your money out of the banks and not only will you have immediate access to it, they won't be able to charge you any fees.
Link Posted: 4/27/2011 6:36:22 PM EDT




My bank told me I have to keep a minimum balance of $1500 in each of my direct deposit accounts starting in June or they'll charge me $45 a month.  When I asked they said it was a new federal regulation.
Link Posted: 4/27/2011 6:36:43 PM EDT
Originally Posted By STUBBO:
Are you kidding me? So, if I have 2 direct deposits a month, and transfer funds to pay 5 bills(electronically,i'm getting charged?


This has been in effect for quite some time (years), and I don't think that there is any penalty for any number of deposits (electronic or manual) going INTO the account, so I don't think that would be a problem. It has mainly to do with electronic transfers out of the account, as if it were a checking account.
Link Posted: 4/27/2011 6:37:31 PM EDT
Originally Posted By STUBBO:
Are you kidding me? So, if I have 2 direct deposits a month, and transfer funds to pay 5 bills(electronically,i'm getting charged?


No, I don't think so.  My bank does this too and has for awhile, but it is only if you transfer money from one of your accounts to another.  Paying bills and direct deposit are not transfering from one of your accounts to another, so that doesn't cost anything.
Link Posted: 4/27/2011 6:37:34 PM EDT
You are correct sir!
Link Posted: 4/27/2011 6:38:12 PM EDT




Originally Posted By madmathew:





Originally Posted By martinmayhem:

How long has this been in effect?


I'd like to know this too. I don't understand how the Federal Reserve has the power to say how many transfers I can make with my money.





I first heard about Reg D back in 2003 when I took a job as a teller at a credit union. So 8+ years.
Link Posted: 4/27/2011 6:40:57 PM EDT
Originally Posted By madmathew:

Originally Posted By martinmayhem:
How long has this been in effect?  

I'd like to know this too.   I don't understand how the Federal Reserve has the power to say how many transfers I can make with my money.
 


Because it is their money. It says Federal Reserve Note right on it.
Link Posted: 4/27/2011 6:42:46 PM EDT
We have been getting these notices, almost menacingly in nature from b of a for a few years.
Gets my wife really pissed, a rare thing and scares me cause I know hoe f***** up the feds are..
Link Posted: 4/27/2011 6:48:35 PM EDT
Our lawmakers know what is best for us, and what is best for your THeIR money................
Link Posted: 4/27/2011 6:52:56 PM EDT
It's yet another form of taxation.....

Under the guise of "keeping us safe" from those evil money-laundering drug runners and terrorists.

Bottom line? that money goes to pay for the Dave_A clones who are here to shoot your dog.

Link Posted: 4/27/2011 6:54:37 PM EDT
Originally Posted By futuremodal:


My bank told me I have to keep a minimum balance of $1500 in each of my direct deposit accounts starting in June or they'll charge me $45 a month.  When I asked they said it was a new federal regulation.



Which bank is that??

Link Posted: 4/27/2011 7:00:24 PM EDT
Sounds like an anti-money laundering provision.
Link Posted: 4/27/2011 7:13:15 PM EDT
[Last Edit: 4/27/2011 7:16:56 PM EDT by DragoMuseveni]
Lots of in this thread. This is nothing new and there is nothing stopping you from making withdraws out of your savings account. If you need to make a ACH withdraw on a daily basis get a damn checking account and move enough money from your savings account into your checking account at the beginning of the month(or week) and be done with it. It's not that complicated. A retarded monkey could figure it out.
Originally Posted By happycynic:

Sounds like an anti-money laundering provision.


How is it a anti-laundering provision when I can just transfer a few thousand dollars from a savings account into a checking accound and have ACH withdraws on the checking account every day?
Link Posted: 4/27/2011 7:24:21 PM EDT
just thank the feds for regulating your money, so they can make money off of you again besides taxation.

I think when I get back to work, I'll close my accounts and pay the $5 at walmart thereby keeping my  money.  No fees for any of the bullshit at the bank, use money orders and that's that.   BofA is charging our company $720 yr for other people to deposit money into an account. Its getting closed BofA can go fuck themselves.  It used to be $5 a month, now its $60 a month.
Link Posted: 4/27/2011 7:32:08 PM EDT
6 withdrawals from a "savings" account is the limit, although you can invariably access your savinsg by ATM with no penalty (at least that's what my credit union say)



Day-to-day bills should come out of checking.



It's not like it makes a whole heap of difference as you're probably getting less than 1% on your savings account anyways.




Link Posted: 4/27/2011 7:34:32 PM EDT



Originally Posted By Hydguy:



Originally Posted By futuremodal:





My bank told me I have to keep a minimum balance of $1500 in each of my direct deposit accounts starting in June or they'll charge me $45 a month.  When I asked they said it was a new federal regulation.






Which bank is that??





Indeed. My guess is that they are lying and are trying to increase fees or cash holdings.



With fractional reserve banking, "banksters" can lend out at least $15,000 (at 5% or more) of "funny money"



 
Link Posted: 4/27/2011 7:40:03 PM EDT
Wachovia told me the same with my savings account, withdrawals over three per cycle, get charged $3.

Lady at CS told me it was a result of 9/11 and terrorists transferring monies from one bad guy to another.

Funny, but checking accounts are immune.

Chris
Link Posted: 4/27/2011 7:50:03 PM EDT
It has to do with how the banks are allowed to calculate their liquidity.

Savings accounts are scored differently than checking.
Link Posted: 4/27/2011 7:52:56 PM EDT
Originally Posted By SETXshooter:
Its a reg dealing with transferring FROM a savings account.  It was designed to "help" citizens build a savings and considers a "savings" account that has multiple (5-6+) transfers from to not meet the definition of a savings account.

Wes


so they fine you, to encourage savings?
WHAT THE FUCK

Link Posted: 4/27/2011 8:11:13 PM EDT
Good, I now have a reason next time the teller asks me why I don't open a savings account.
Link Posted: 4/27/2011 8:13:38 PM EDT
I know with Wells Fargo if you withdrawal too many times in a month the warn you that if you continue then they'll turn it into a checking account...
Link Posted: 4/27/2011 8:36:27 PM EDT
Originally Posted By kallnojoy:
It has to do with how the banks are allowed to calculate their liquidity.

Savings accounts are scored differently than checking.

This guy has the correct answer.

Regulation D is the covering law in regards to savings withdrawls.

Savings accounts and Certificates of Deposits are the monies used to loan out to other customers which is why YOU get paid interest on letting the bank borrow those funds. A major part of bank assets would be deposits.

Checking accounts are "immune" because they are coded for checking, in other words most of the monies in those DDAs will be gone within that month and a bank cannot count on or loan out that money.

It has nothing to do with money laundering or illegal activity and solely to do with accounting.


As far as the customer above with the $45 claim... a new regulation was not passed saying that is required so that teller told you wrong. However several new regulations and updates did come down last year. One major thing was allowing customers to Opt Out meaning less NSF/OD fees for all the branches which means that money has to be made up somehow. Charging for accounts is one way.
Link Posted: 4/27/2011 9:02:57 PM EDT
Originally Posted By futuremodal:


My bank told me I have to keep a minimum balance of $1500 in each of my direct deposit accounts starting in June or they'll charge me $45 a month.  When I asked they said it was a new federal regulation.


It's cheaper/faster/easier to use cash bought money orders for smaller transactions.  The less that .gov knows about what your $$$ transactions, the better.

Uh-oh, I bet this post raises a 'flag' with all of the new IRS agents that have been hired through OBlome-kare.
Link Posted: 4/27/2011 9:51:44 PM EDT
I love my credit union and I love my cash that is not at the credit union......
Link Posted: 4/29/2011 7:09:58 AM EDT
tag
Link Posted: 4/29/2011 7:48:37 AM EDT
People, stop freaking out.



1)  Its been this way for a LONG time.



2)  The limit is only for ELECTRONIC transfers, that means withdrawls done NOT at your bank or one of your bank's ATMS.



Electronic transfers would be:



Moving money online out of savings into checking

Sending money directly from your savings

Auto-deduct of rent/bills from savings



I hate that the fed has any say in the matter, but this is not some new obama-will-destroy-everything law, its been this way for a long time and it does NOT prevent you from pulling your money out, it just limits electronic withdrawals.
Link Posted: 4/29/2011 7:58:04 AM EDT
BoA has been doing it since at least 2004.
One of my coworkers was bitching in 2005 that their bank was mad at them for having too many withdraws from their savings account in a month (I think they were at 7-8) because they'd told all of their bill companies to automatically debit their account when they bought a house and decided to go completely paperless.  They were racking up $30+ in fees per month due to it, until they got all of the companies to turn off the automatic debits.

Kharn
Link Posted: 4/29/2011 8:06:49 AM EDT
It this a money market savings account or a traditional savings account?  



MMAs have always limited the number of transactions.
Link Posted: 4/29/2011 9:43:39 AM EDT
Originally Posted By ChrisGarrett:
Wachovia told me the same with my savings account, withdrawals over three per cycle, get charged $3.

Lady at CS told me it was a result of 9/11 and terrorists transferring monies from one bad guy to another.

Funny, but checking accounts are immune.

Chris


So, a $3 charge will prevent terrorism?

Link Posted: 4/29/2011 9:46:36 AM EDT
Government....We're here to help.
Link Posted: 4/29/2011 10:09:53 AM EDT
Learned something new today...
Link Posted: 4/29/2011 10:13:21 AM EDT
I got one of those charges when I was in college, so it has been around for at least 4 years.  From what I understood it was only tranfers OUT of your savings account that counted towards the total.
Link Posted: 4/29/2011 12:30:46 PM EDT
Originally Posted By SETXshooter:
Its a reg dealing with transferring FROM a savings account.  It was designed to "help" citizens build a savings and considers a "savings" account that has multiple (5-6+) transfers from to not meet the definition of a savings account.


Then why can't I call it a "Hookers and Blow Account"?

If I'm no longer "saving", how do they have any call to try to keep me from transferring / spending?
Link Posted: 4/29/2011 12:31:16 PM EDT
Originally Posted By futuremodal:


My bank told me I have to keep a minimum balance of $1500 in each of my direct deposit accounts starting in June or they'll charge me $45 a month.  When I asked they said it was a new federal regulation.


You closed your account, right?
Link Posted: 4/29/2011 12:41:15 PM EDT
Originally Posted By caexpat:
Originally Posted By futuremodal:


My bank told me I have to keep a minimum balance of $1500 in each of my direct deposit accounts starting in June or they'll charge me $45 a month.  When I asked they said it was a new federal regulation.


You closed your account, right?


yeah, I would have busted out laughing and found another bank, or better yet, credit union that same day. I remember when banks would give you $100 to set up an account with a Direct Deposit. Fuck You Mr Bank.
Link Posted: 4/29/2011 2:42:44 PM EDT
yeah, I would have busted out laughing and found another bank, or better yet, credit union that same day.  


Credit unions pay no taxes.  Banks do.  Credit unions are parasitic upon the banking infrastructure, and parasitic upon the taxpayer as well.

Now, if we had a moderately anarcho-capitalist system, it wouldn't matter.  In my time I have seen banks, credit unions, savings & loans, savings banks.  Some of these were state chartered banks regulated by the states, and some were federally chartered, and regulated by the comptroller of the currency.  Then, there are member banks of the federal reserve.

I like gold and silver coins, but it would indeed be painful to have to depend upon them for payment of goods & services.
Link Posted: 4/29/2011 2:52:51 PM EDT
Nothing to do with Laundering or terrorism or what have you. This reg was designed to help BANKERS get a grip of the amounts on deposit and amounts likely not to be withdrawn. It has to do with fractional banking and creating a larger money supply.
Link Posted: 4/29/2011 2:58:00 PM EDT
[Last Edit: 4/29/2011 3:10:26 PM EDT by HoleSight]
I'll repeat it again for those who are really really asleep......

The Federal Reserve owns those Notes, you believe it is your "money".

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