Latest responses to “Be Careful Not To Exceed 6 ACH Transfers On Your Savings Account Per Month” Copyright 2012, MoneyBlueBook.com 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. 401290 2010-08-14T18:30:44-07:00 Christnova13 This recently happened to me and I was extremely upset. I threatened to take my banking else where to not be charged these fees.