Federal Limit on how many transfers I can make from savings?

An Announcement from My Bank ^ | 31 DEC 03 | ME

[nicmarlo]

Here's something from another bank:

Savings Accounts are governed by Federal regulations which limit the number of certain types of transactions. You are permitted no more than six (6) preauthorized, automatic, WEBbanc, PCBanc, Telebanc or telephone transfers to your other accounts or to third parties per calendar month. No more than three (3) of the six (6) transfers can be made by check, draft, point-of-sale transactions, or similar order made payable to third parties.
http://www.firstsouthernbank.com/fsb/bizsavings.html

[TomGuy]

There is a transfer limit (3-6 depending on the type of account) on savings/checking accounts that are "money market" accounts.

Your account is in that category--money market.

Otherwise, for general savings accounts, the number of transfers is generally up to the institution. CU's do have different operational regulations than banks.

Call your CU and ask.

[nicmarlo]

And here's another:

Limitations on Frequency of Transfers - For security reasons, and to enforce federal regulations, there are certain limits on the number of transfers you may make using your Access Device.

1) Each of your savings accounts is limited, by federal regulation, to six (6) telephonic, computer, and/or preauthorized transfers per statement cycle.

Within any monthly statement cycle you may make up to six (6) withdrawals or transfers including, but not limited to, telephonic, computer and/or preauthorized transfers from each of your savings accounts. These withdrawals or transfers do not include in-person withdrawals or withdrawals at ATMs.

If any telephonic, computer and/or preauthorized transfer from your savings account exceeds the limit of six (6) per monthly statement cycle, we reserve the right to limit your withdrawal privileges, revoke your Card and terminate your transfer privileges, or close your account.

http://www.combanc.com/products/disc_electronicfunds.asp

[tomakaze]

re: It's called Regulation D
 
Thanks! now to find out who's responsible for this crap...

[the gillman@blacklagoon.com]

I planned to buy my daughter a car for Christmas.
I transferred twenty five grand from one bank to another.

One is a joint account and one is just in my name.

These are both very old nearly maxed out accounts. They told me due to recent federal security regs,it would be frozen for eleven business days. That's til Jan 5th.

These are both local banks. Been with both for over fifteen years, one so long my account number is three digits.
So now I'm a terrorist.

The owner and I are on a first name basis, but he wasn't there and hasn't been or I'd have barked in his face.

Oh, I bought the car anyway, but jeez, I love haggling with car dealers and making them drool before I finally hand over the bag of cash.

They take the fun out of my life.

PS, I'm told that if I had withdrawn the same amount in three or four less than threshold amounts, that's a new crime called "structuring."

When the owner of the bank shows his head again, I will wrestle him down and make him show me the regs.

[ItisaReligionofPeace]

I think what it is saying is that this is not a rule that this credit union came up with, but rather it is mandated by the govt. This doesn't answer the question as to whether the regulation also applies to banks.

[Protagoras]

The main reason is because of the way they classify accounts. Some are savings, some are checking, some are money market, all have different rules and regulations. You would have to ask a government goof why they like to keep all these things separate, but if you follow the money and favors from government outwards and see who benefits you will have a better idea.

[NukeMan]

Yes, it appears to apply to savings banks, commercial banks, and credit unions for certain types of accounts. Here is another URL:

http://www.telhio.org/regulation_d.html

[lormand]

I just did 7 consecutive transfers from Savings to Checking in the amounts of $25 with my online Wells Fargo account.

No problems what-so-ever!

[HiJinx]

My bank (Wells Fargo) also has an on-line transer (savings to checking) limit. I believe the limit is three transfers.

[Alberta's Child]

My guess is that there are specific Federal banking laws in place that apply to credit unions, and that credit unions were created for specific purposes. The limits on monthly transfers is probably the Feds' way of preventing people from using their savings accounts at a credit union as checking accounts.

[tomakaze]

re:Sounds like a money market account?
 
Naw. I kept it simple. it's just a standard checking/savings accnt.

[lormand]

see post # 29

[DB]

You are correct.

Here's more: https://www.hvfcu.org/dp/dp_RegD.cfm

[hispanarepublicana]

Well, I don't know anything about this, but I do know a banker who has a safe at his house with stacks of his personal cash "just in case anything ever happens" he says.....I figure, in his position, he must know some vulnerabilities tied to the whole banking racket. There's no telling what the government could do to your assets/cash if they really wanted to.

[TomGuy]

When the owner of the bank shows his head again, I will wrestle him down and make him show me the regs.

Reminds me of an old story about having a banker by the privates---but not too appropriate to be repeated here.

But it reminds me also of the time I had a local bank's president by the privates--for cashing, not 1 but 2, checks over a year period from my account. Both checks were unsigned. I had fun that morning 'discussing' my business with the bank president. lol

[HiJinx]

Hmmm...wait until you get this month's statement!

[Bikers4Bush]

Well it doesn't affect my regular bank account so if you have any info on it do everyone a favor and post it.

[Lancey Howard]

PS, I'm told that if I had withdrawn the same amount in three or four less than threshold amounts, that's a new crime called "structuring."

Rush discussed this exact stuff on his show the week he came back from rehab. Rush actually dealt with a bank that coached him on how to avoid federal disclosure requirements and when the bank was investigated, the feds interrogated Rush.

[tomakaze]

re:The main reason is because of the way they classify accounts. Some are savings, some are checking, some are money market, all have different rules and regulations. You would have to ask a government goof why they like to keep all these things separate, but if you follow the money and favors from government outwards and see who benefits you will have a better idea.
 
From what I've scanned so far, what I'm getting is this is all to make some government snoop/bean counter's job easier. Great. just who works for who? damn.