Color me surprised

[jlee]

Originally posted by: Dari

Originally posted by: cKGunslinger

Originally posted by: Dari

Originally posted by: sciencewhiz

Originally posted by: Dari

Originally posted by: sciencewhiz
Is it a high yield (online) savings account?

The FDIC restricts the number of transactions in those types of accounts in order to limit the FDIC's exposure to risk due to high churn. It has nothing to do with Al Qaeda.

How long has this law (ruling) been in effect?

1980. The difference is that high yield savings accounts with no minimum deposit is a recent phenomenon, so most people never came across the limit. See johngute's link.

The internet wasn't around in 1980.

Telephones were. The internet is viewed as a subsystem of the telephony system for many laws and regulations.

You're being exceptionally thick about this.

I guess it all makes sense now. But I hate regression. It's been almost five years since I step foot into a bank. It's not something I'm looking forward to from now on. I guess I'll have to change my accounting habits to avoid the bank.

Just use an ATM.

I don't understand why you need to pull money from savings more than six times a month..

 

[Turkey22]

My credit union (which I also happen to work at) covers all savings except money markets. Basically the financial institution has to keep enough money in reserve to cover draft accounts. IF they choose to do so they can hold enough money to cover other shares as well, we keep enough to cover everything except money market's. This means our 6 transaction restriction is only on those shares.

Btw this includes overdrafts so you cannot get around the limit that way. It's basically anything that is automatic and not in person. So phone or calling in to a call center or online banking or automatic transfers (such as overdraft). This doesnt include loan payments if the same financial institution is involved.

 

[JS80]

Originally posted by: Dari
Apparently there is a new law that restricts how much you can transfer between your savings account and checking account. That negates the advantages of online banking. Six times a monthly cycle is too little. I guess this'll show Al Qaeda:roll:

lol typical blame bush for everything.

 

[Special K]

Originally posted by: JLee

Originally posted by: Dari

Originally posted by: cKGunslinger

Originally posted by: Dari

Originally posted by: sciencewhiz

Originally posted by: Dari

Originally posted by: sciencewhiz
Is it a high yield (online) savings account?

The FDIC restricts the number of transactions in those types of accounts in order to limit the FDIC's exposure to risk due to high churn. It has nothing to do with Al Qaeda.

How long has this law (ruling) been in effect?

1980. The difference is that high yield savings accounts with no minimum deposit is a recent phenomenon, so most people never came across the limit. See johngute's link.

The internet wasn't around in 1980.

Telephones were. The internet is viewed as a subsystem of the telephony system for many laws and regulations.

You're being exceptionally thick about this.

I guess it all makes sense now. But I hate regression. It's been almost five years since I step foot into a bank. It's not something I'm looking forward to from now on. I guess I'll have to change my accounting habits to avoid the bank.

Just use an ATM.

I don't understand why you need to pull money from savings more than six times a month..

Not all online savings accounts have ATM access.

Plus aren't you limited to 6 ATM withdrawals from a savings account per month?

 

[alien42]

Originally posted by: JS80

Originally posted by: Dari
Apparently there is a new law that restricts how much you can transfer between your savings account and checking account. That negates the advantages of online banking. Six times a monthly cycle is too little. I guess this'll show Al Qaeda:roll:

lol typical blame bush for everything.

why not, its accurate for the other 90% of problems

 

[jlee]

Originally posted by: Special K

Originally posted by: JLee

Originally posted by: Dari

Originally posted by: cKGunslinger

Originally posted by: Dari

Originally posted by: sciencewhiz

Originally posted by: Dari

Originally posted by: sciencewhiz
Is it a high yield (online) savings account?

The FDIC restricts the number of transactions in those types of accounts in order to limit the FDIC's exposure to risk due to high churn. It has nothing to do with Al Qaeda.

How long has this law (ruling) been in effect?

1980. The difference is that high yield savings accounts with no minimum deposit is a recent phenomenon, so most people never came across the limit. See johngute's link.

The internet wasn't around in 1980.

Telephones were. The internet is viewed as a subsystem of the telephony system for many laws and regulations.

You're being exceptionally thick about this.

I guess it all makes sense now. But I hate regression. It's been almost five years since I step foot into a bank. It's not something I'm looking forward to from now on. I guess I'll have to change my accounting habits to avoid the bank.

Just use an ATM.

I don't understand why you need to pull money from savings more than six times a month..

Not all online savings accounts have ATM access.

Plus aren't you limited to 6 ATM withdrawals from a savings account per month?

Nope. ATMs and in-person teller transactions are excluded.

Originally posted by: alien42

Originally posted by: JS80

Originally posted by: Dari
Apparently there is a new law that restricts how much you can transfer between your savings account and checking account. That negates the advantages of online banking. Six times a monthly cycle is too little. I guess this'll show Al Qaeda:roll:

lol typical blame bush for everything.

why not, its accurate for the other 90% of problems

So the world was 90% problem-free in '99? Must've been nice, eh?

 

[waggy]

Originally posted by: JLee

Originally posted by: Special K

Originally posted by: JLee

Originally posted by: Dari

Originally posted by: cKGunslinger

Originally posted by: Dari

Originally posted by: sciencewhiz

Originally posted by: Dari

Originally posted by: sciencewhiz
Is it a high yield (online) savings account?

The FDIC restricts the number of transactions in those types of accounts in order to limit the FDIC's exposure to risk due to high churn. It has nothing to do with Al Qaeda.

How long has this law (ruling) been in effect?

1980. The difference is that high yield savings accounts with no minimum deposit is a recent phenomenon, so most people never came across the limit. See johngute's link.

The internet wasn't around in 1980.

Telephones were. The internet is viewed as a subsystem of the telephony system for many laws and regulations.

You're being exceptionally thick about this.

I guess it all makes sense now. But I hate regression. It's been almost five years since I step foot into a bank. It's not something I'm looking forward to from now on. I guess I'll have to change my accounting habits to avoid the bank.

Just use an ATM.

I don't understand why you need to pull money from savings more than six times a month..

Not all online savings accounts have ATM access.

Plus aren't you limited to 6 ATM withdrawals from a savings account per month?

Nope. ATMs and in-person teller transactions are excluded.

Originally posted by: alien42

Originally posted by: JS80

Originally posted by: Dari
Apparently there is a new law that restricts how much you can transfer between your savings account and checking account. That negates the advantages of online banking. Six times a monthly cycle is too little. I guess this'll show Al Qaeda:roll:

lol typical blame bush for everything.

why not, its accurate for the other 90% of problems

So the world was 90% problem-free in '99? Must've been nice, eh?

we all know Al Qaeda never hit the trade towers before 99! or any other terriost attacks at all...

 

[Pepsi90919]

i blame OJ