Latest responses to “Be Careful Not To Exceed 6 ACH Transfers On Your Savings Account Per Month” Copyright 2013, MoneyBlueBook.com 261157323 2013-02-19T13:48:52-08:00 TL L.Meade: It IS over-regulation. It may not have been the Democrats (although it may have been), but it is most certainly over-regulation. The fact that the banks may benefit from it, doesn't mean it isn't regulation. Those two are not mutually exclusive. It isn't Capitalism's fault either. The government has too much power and that power is for sale. This is Crony Capitalism which couldn't exist in a free market with limited government that has no power to sell to the corporations. 137569223 2012-11-30T16:14:04-08:00 L.Meade This isn't over-regulation, it's what happens when capitalists own the government. This law works in favour of the banks because it allows them to charge a fee (which they keep - the regulation does not require a fee, only that the account be changed to a different type of account). They own you and the government you think you elected. Democrats didn't do this - this is Big-Money, and that means Republicans. They don't want you educated, they don't want you to tell them they have to give money to the poor. The supposed reason for this law is to prevent people with big accounts manipulating their own interest rates. What really happens is people who are barely getting by have to transfer savings to chequing to prevent overdraft fees then have to pay a penalty when they exceed 6 transactions. It's all about the banks making money from your money that they didn't earn. 2596222 2012-08-21T04:44:33-07:00 Rob Wtf. I do buy a lot of things and driving to the bank is very inconvenient then going online and transferring money there. I didn't even get a notice from my bank or my app on my iPhone. The very next day my money is gone $0 from my savings and all into my checking. Wtf. It's my damn money! Now I want to raise hell to the poor nice lady at the bank who breaks her back with a smile about this bull****. 469910 2011-03-03T15:49:09-08:00 kay in tn another reason why I didn't vote for Democrats - just one more tactic to control people so that we do not have to think for ourselves. this country did not become what it is by people becoming robots. 401340 2010-11-15T19:43:00-08:00 Fred Schultz This is just another way to be screwed by the government & and by the banks. I feel I should be able to transfer as much money from my savings to my checking account as many times as I want per month. It's MY money. 401310 2010-11-09T22:19:46-08:00 karen in wisconsin We recently received a letter for the HEAD OFFICE of my bank about our violating more than 6 transfers per statement period. Of course we are mad. I told hubby, we might as well keep our savings in sock under the mattress, since we make next to nothing on our savings account, and now they are going to limit our access to OUR money too? The sock under the mattress is sounding better all along. 401300 2010-09-24T20:24:28-07:00 Mr. Mad This is absurd. Here's what happened to me. Not knowing anything about the limit, I connected my savings account to my PayPal account. The reason was because my credit card payments are processed through that account, and I buy a lot of stuff online so I figured it made sense to use that account. I went on eBay and went crazy, buying about 15 different things. I then receive two letters on the same day. One for the first "violation" and one for the second. However, the day before I got the letters, I made one more purchase, constituting my third violation! I get a call from the bank saying that if I commit one more "violation" that my account would be closed. I've never heard anything about this - the bank never told me until I was deep in the red, and now my head is spinning. I have a good mind to march down to the bank and close my accounts but guess what? That wouldn't help one bit because this is a federal law and it will apply to any bank. I don't like it though, something's kind of fishy about it - someone has vomited in the rose bushes on this one. 401280 2010-09-23T22:50:52-07:00 Jennifer I'm going into my bank and raising hell! What I'd like to know is 1) Where does this fee ultimately go and 2) Who instituted this rule that penalizes me for USING MY OWN DAMN MONEY? 401320 2010-09-19T23:29:05-07:00 Kristina Yeah, they say six times. I got a notice from the bank, and I called them to ask about it, because I had never heard of this rule before. Bank of America told me that I could only do it 3 times per payment cycle or the BANK would charge me a maintenance fee. The six time rule is a federal rule, and if I go past it, my savings will be turned into a checking. What the hell? I think it's screwed up and makes me want to raise hell, because it's just a huge inconvenience. 401330 2010-08-21T12:44:15-07:00 Eli I only vaguely heard about this before, and forgot it until recently I ran out of transfers. What frustrated me is they didn't warn me, and even after I used all 6 transfers, it wouldn't tell me why I couldn't transfer.