This is topic Online banking gov. transfer limit? in forum General Talk at Northern California Ford Owners .
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Posted by mikeP (Member # 4489) on
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Anyone got hit with a transfer limit online? So they are telling me I have had to many transfers online in 1 month so im getting hit with a penalty and its not the bank its the gov. regulation thats doing this? So basically my own money is being regulated and being unaware of this limit shit, i get a penalty taken out of my account? WTF? Chase it the bank btw...Grr man i just felt i got a pickpocketed!!!
Posted by 5.0_707 (Member # 5893) on
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I don't think this is new...?
My bank has been like this for some time now, they allow 5 transfers a month before u get the overdraft charge. I felt the same way when I seen a few charges n knew I had funds in the savings. The chick at the bank said it was a govt thing.
Posted by javier (Member # 547) on
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I might be wrong but I think its only when you move money out of your savings. On checking accounts i dont think theirs a limit....
Posted by 5.0_707 (Member # 5893) on
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My deal was I would make purchases with my debt card n there wouldn't be enough in the checking acct to cover, and since I had over draft protection they would pull from savings to cover it. Once I hit the monthly limit on transfers they would charge my the fee.
Posted by javier (Member # 547) on
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That blows. Kinda takes away the perpose of overdraft protection if you get screwed anyways.
Posted by mikeP (Member # 4489) on
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quote:
Originally posted by javier:
I might be wrong but I think its only when you move money out of your savings. On checking accounts i dont think theirs a limit....
now that i think about it i think your right...grr ive done this many of times with my checking over and over and no charge. i do it with my savings and get penalized...its pretty fuked up when your unaware..you would think there would be some kind of window that pops up alerting you "you are about to go over the transfer limit" or something....anyways thanks for the info...
Posted by adower (Member # 5955) on
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quote:
Originally posted by mikeP:
Anyone got hit with a transfer limit online? So they are telling me I have had to many transfers online in 1 month so im getting hit with a penalty and its not the bank its the gov. regulation thats doing this? So basically my own money is being regulated and being unaware of this limit shit, i get a penalty taken out of my account? WTF? Chase it the bank btw...Grr man i just felt i got a pickpocketed!!!
Its a fed law. You can only xfer like 5 times.
[ December 03, 2009, 02:42 AM: Message edited by: adower ]
Posted by FoX GT (Member # 4587) on
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yep savings account only. switch to checking, no point to have a savings account anymore. 0.01% interest.
Posted by SheerSliver03 (Member # 6589) on
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quote:
Originally posted by FoX GT:
yep savings account only. switch to checking, no point to have a savings account anymore. 0.01% interest.
very true, when i first got mine about 5 years ago it was a 1% interest. now its like this:
(from yahoo.com)
Savings Type Today Last Week
6 month CD 1.06% 1.10%
1 year CD 1.54% 1.58%
3 year CD 2.19% 2.22%
MMA 0.96% 1.01%
$10K MMA 1.03% 1.09%
$25K MMA 1.24% 1.30%
I cant imagine that many people are even trying to invest in these banks now adays
Posted by BlowN67 (Member # 4229) on
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yes its a stupid $12 fee my wife bitched about one we got an they sais they couldnt do it but some how we got $12 back in our account. i knew i married her for a reason. lol
they also said if it happens more an more they'll turn it into a checking account. wow didnt know i was making so much off a .001% savings account to get penalized for moving money around so we dont get a $35 over drafted charged. so i bet soon we'll just change it to a checking account. i thknk we made like $1.14 in intrest on that account for the year woot hella money. banks are gay.
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