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Bops
My 3 wishes
Member since 12/07 13625 total posts
Name:
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Did everyone know this ? Savings account withdrawal restrictions..
Maybe this is common knowledge, but since I didnt know, thought I'd pass it on....
My BFF has been ebay shopping like crazy (tring to complete a Cars collection for her DS) for Christmas...
Anyhow- Her Paypal account is linked to her savings...needless to say she had multiple transactions in one month...
She gets her statement and they are charging her $8.00 PER TRANSACTION because she went over the limit of withdrawals from a savings account 
She had more than enough $ in there, but had "too many transactions" ...It is federal Regulation to charge for more than 6 transactions in a billing cycle ...
Some of her purchases were for under $4.00 and they charged her an addtl $8.00 per transaction!
Just thought I'd share in case others were not aware ...I use my checking, so never encountered this
http://www.ehow.com/info_8127793_savings-account-withdrawal-restrictions.html
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Posted 10/20/11 10:51 AM  |
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missfabulous
#mommyneedswine
Member since 6/09 10031 total posts
Name:
Colleen
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Re: Did everyone know this ? Savings account withdrawal restrictions..
I didn't know about this until last year DH told me to watch the number of times we transferred from our savings into checking.
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| Posted 10/20/11 10:57 AM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: Did everyone know this ? Savings account withdrawal restrictions..
That's horrible!!!!
Would she be charged also for excessive transfers? Maybe she could transfer $ into her checking account and then have paypal debit from there
Banks suck.
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| Posted 10/20/11 10:58 AM |
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CarolAnn721
LIF Toddler
Member since 8/11 384 total posts
Name:
CarolAnn
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Re: Did everyone know this ? Savings account withdrawal restrictions..
I have had huge fights with banks over this in the past, but it is federal regulation and there is nothing they can (or will do for me at least) about it. Truly have to watch transfers and amounts of transactions.
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| Posted 10/20/11 10:59 AM |
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Bops
My 3 wishes
Member since 12/07 13625 total posts
Name:
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Posted by kahlua716
That's horrible!!!!
Would she be charged also for excessive transfers? Maybe she could transfer $ into her checking account and then have paypal debit from there
Banks suck.
I think thats what she plans on doing going forward.....
She got the bank to waive a few of the fees but not all....So these silly matchbox cars ended up costing $12.00 each 
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| Posted 10/20/11 11:00 AM |
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Jax430
Hi!
Member since 5/05 18919 total posts
Name:
Jackie
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Re: Did everyone know this ? Savings account withdrawal restrictions..
I didn't know this at all, and I will definitely be letting DH know. 
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| Posted 10/20/11 11:03 AM |
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Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
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Re: Did everyone know this ? Savings account withdrawal restrictions..
I found this out last year when DH had a pay cut and we needed to start dipping into what was left in our savings. At least they could have done was notify us, that this was the case. Yea, so we got kicked even harder while we were down 
Also, I just don't get why we are limited...it is our money not the feds money 
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| Posted 10/20/11 11:04 AM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: Did everyone know this ? Savings account withdrawal restrictions..
yEP...when we had a money market acct with wells fargo, i would pay daycare from it (linked through their payment site) and/or transfer money into our checking. and we got a letter saying they were converting the account to a checking due to excessive withdrawals..and that the federal regulation for savings account is 6 per cycle I think.
annoying b/c its my F*** money..
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| Posted 10/20/11 11:05 AM |
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lovemyfamily88
LIF Adolescent
Member since 5/10 641 total posts
Name:
????
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Yes, its more then 6 withdrawls from savings in a cycle. Savings accounts are not intended to be used to pay bills etc..
She is better off using her checking account for purchases.
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| Posted 10/20/11 11:22 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Posted by kahlua716
Banks suck.
its the government's regulation, so the gov't sucks in this case!
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| Posted 10/20/11 12:17 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Yep..
I didn't know until I did like 8.. Citibank gave me a waiver on the fees and sent me a letter.. I was shocked!
Now I'm much more careful.
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| Posted 10/20/11 12:35 PM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: Did everyone know this ? Savings account withdrawal restrictions..
We learned this as well. DH kept all money in savings accounts and would transfer money to checking to cover checks. Found out they were charging. Now all money is in checking.
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| Posted 10/20/11 12:39 PM |
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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Re: Did everyone know this ? Savings account withdrawal restrictions..
...yup and also because of excessive transactions, a savings acct might be turned to a checking acct. Many people don't realize their high yielding savings (well when they once had good interest rates lol) have turned into non interest checking accts until months/years later
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| Posted 10/20/11 12:44 PM |
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Jessica
I'm a mommy :)
Member since 1/06 7322 total posts
Name:
~Jess~
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Posted by Meaghan729
Posted by kahlua716
Banks suck.
its the government's regulation, so the gov't sucks in this case!
ditto on what meaghan said
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| Posted 10/20/11 12:46 PM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Did everyone know this ? Savings account withdrawal restrictions..
yup. my credit union gives you a warning message every time you transfer out of savings into checking on their online banking module. its also in the literature when you open up an account, but most people don't read that stuff and if you don't use online banking you may never know about it.
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| Posted 10/20/11 1:08 PM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: Did everyone know this ? Savings account withdrawal restrictions..
i think these days the interest rates are so low that if they converted from a savings to a non bearing interest, it wouldnt be a tremendous loss. unless you have boatloads of money in there..
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| Posted 10/20/11 2:24 PM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Did everyone know this ? Savings account withdrawal restrictions..
I'm pretty sure this regulation is only for online transfers from savings to checking (which paypal is considered a transfer, not a withdrawl), not for in person withdrawals at a branch. I was told it's due to embezzling issues
Message edited 10/20/2011 2:36:27 PM.
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| Posted 10/20/11 2:35 PM |
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DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Posted by BargainMama
I'm pretty sure this regulation is only for online transfers from savings to checking (which paypal is considered a transfer, not a withdrawl), not for in person withdrawals at a branch. I was told it's due to embezzling issues
I thought this - but after my savings account was converted to a checking account under the federal regs I discovered EVERY single transaction counts.
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| Posted 10/20/11 3:09 PM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: Did everyone know this ? Savings account withdrawal restrictions..
We learned this last summer when we had construction done at the house and were making large payments 2 times a week and transferring to our checking also (that counts towards the 6).
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| Posted 10/20/11 3:17 PM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Posted by DancinBarefoot
Posted by BargainMama
I'm pretty sure this regulation is only for online transfers from savings to checking (which paypal is considered a transfer, not a withdrawl), not for in person withdrawals at a branch. I was told it's due to embezzling issues
I thought this - but after my savings account was converted to a checking account under the federal regs I discovered EVERY single transaction counts.
Maybe it's different for credit unions then, because I was told I can come TO the branch and withdrawal as many times as I needed, but to transfer to my checking account is limited.
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| Posted 10/20/11 3:18 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Yes I knew about this and yes it's a federal law.
This is reason number 189797343 why Reward High Interest Checking Accounts are so awesome.
You get better rates than savings accounts. You can draw as many times as you want. And with my rewards account they refund all my ATM fees so i can literally use any ATM in existance and never pay the $3.00 or whatever fee to use it.
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| Posted 10/20/11 6:20 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Did everyone know this ? Savings account withdrawal restrictions..
I found this out a few years ago. I complained to the bank and got the fees waived.
I love how the government is controlling my savings...
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| Posted 10/20/11 7:27 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Yes I did - they also reserve the right to close your acct if it happens continuously...
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| Posted 10/20/11 7:31 PM |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
Name:
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Thats bananas! Really!
I feel we get charged for everything! 
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| Posted 10/20/11 7:38 PM |
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MrsKS
Thank You St. Gerard.....
Member since 12/09 8306 total posts
Name:
Kerri
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Re: Did everyone know this ? Savings account withdrawal restrictions..
Posted by BargainMama
Posted by DancinBarefoot
Posted by BargainMama
I'm pretty sure this regulation is only for online transfers from savings to checking (which paypal is considered a transfer, not a withdrawl), not for in person withdrawals at a branch. I was told it's due to embezzling issues
I thought this - but after my savings account was converted to a checking account under the federal regs I discovered EVERY single transaction counts.
Maybe it's different for credit unions then, because I was told I can come TO the branch and withdrawal as many times as I needed, but to transfer to my checking account is limited.
nothing about embezzling...
it's because the banks are reinvesting that money... so basically it's tied up in stocks and what not. it's understood that checking accts will be used constantly by the customer but with savings type of accounts they want to limit the amount of times you can take the money out of each month so they have more money on hand to reinvest and make money off it (that's why you get paid an interest rate, albeit a joke of an interest rate these days).
it's a federal regulation, so banks must follow it.. or they can be heavily fined.
Message edited 10/21/2011 1:20:03 AM.
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| Posted 10/21/11 1:19 AM |
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