• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Savings Accounts - I'm over my federal withdrawl/transfer limit??

aphex

aphex

Moderator<br>All Things Apple
Moderator
Just got a letter from BOA, apparenly i made more withdrawls/transfers from my Savings Account than the federal government allows.... Uhm..... Ok....

Anyone ever heard of this before?

The letter says BOA dosent care how many transfers i do, but the gov't does...
 
Gone phishin' ?

There are no such laws ( that I'm aware of ) except for with retirement accounts, and even then you generally just pay massive penalties.

There are laws that the feds must be notified of large cash movements but that's it.
 
happened to me once. And I think the rule is if it happens more than 3 months in a 12 month period, they close your account or something.

Not sure why this is a rule, its my money? Oh well, guess I'll use the debit card a little more often.
 
There are limits to electronic withdraw from savings accounts. You can still go to a teller and withdraw money. Really though the government isnt limiting it, they are allowing you to do it X many times per quarter without being charged. A bank would charge money if there was the federal regulation. Im pretty sure its 6 electronic withdraws per quarter.
 
Originally posted by: DaveSimmons
Gone phishin' ?

There are no such laws ( that I'm aware of ) except for with retirement accounts, and even then you generally just pay massive penalties.

There are laws that the feds must be notified of large cash movements but that's it.
Click to expand...

It says i'm allowed a max of 6 withdrawls/transfers out of my savings per month...
 
Originally posted by: aphex
Originally posted by: DaveSimmons
Gone phishin' ?

There are no such laws ( that I'm aware of ) except for with retirement accounts, and even then you generally just pay massive penalties.

There are laws that the feds must be notified of large cash movements but that's it.
Click to expand...

It says i'm allowed a max of 6 withdrawls/transfers out of my savings per month...
Click to expand...

This only applies to electronic transers/withdraws. And the federal govt has the regulation so you can actually use electronic transfers/withdraws without getting charged out the ass for it.
 
Originally posted by: digitalsm
Originally posted by: aphex
Originally posted by: DaveSimmons
Gone phishin' ?

There are no such laws ( that I'm aware of ) except for with retirement accounts, and even then you generally just pay massive penalties.

There are laws that the feds must be notified of large cash movements but that's it.
Click to expand...

It says i'm allowed a max of 6 withdrawls/transfers out of my savings per month...
Click to expand...

This only applies to electronic transers/withdraws.
Click to expand...

Well doing it in person wouldn't be worth it to me, i keep the bulk of my loan money in my savings, only transferring it when needed. I would much rather keep a low balance (1k or under) on my debit incase someone got my # and transfer money in as needed...
 
You are obviously a terrorist involved in some sort of money laundering.

Consider yourself lucky that your account hasn't been seized and that you haven't been locked up.
 
I can fix this problem for you...please PM me your account number, name, address, ssn, you know...all that information...

BTW You can trust me, I'm a young Nigerian prince. 😉
 
That may be a bank lint that they have on the accounts to reduce costly overhead.

That type of answer has nothing to do with the Federal government.

You may wish to take the letter to your local branch and verify it.

If they are stating that Uncle is concerned, then either you have a special account that is related to tax purposes (and you had better understand what you have and the regulations on it) or some-one may be pulling your leg.
 
When it happened to me, it was definitely a gov regulation, and it specifically told me in the letter it was.

What had happened was it kept withdrawing money from my savings as overdraft protection and putting it into checking. It was when I was out of town, and wasn't able to balance the checkbook.

The gov only lets you make so many electronic transfers/mo from a savings account, and there are only certain types this falls under (i know the overdraft transfer thing is one of them).
 
My bank definitely has a note about how Federal regulations limit the number of transfers into/out of my savings account. This is when I go to make the transfer online, on a secure site, so it's not phishing.
 
There are regulations in place, especially with large sums of money, for transfers and such. If you give someone a large sum of money the gov't wants to know where it went so they can tax you.

Also FDIC insurance, etc.
 
F 'em. I took out "a large sum of" money from my bofa acct to put in ING savings a couple months ago, and haven't received anything from the F ass pirates yet.
 
Originally posted by: Baked
F 'em. I took out "a large sum of" money from my bofa acct to put in ING savings a couple months ago, and haven't received anything from the F ass pirates yet.
Click to expand...

How is this relevant to the topic?
 
Originally posted by: kranky
Originally posted by: Baked
F 'em. I took out "a large sum of" money from my bofa acct to put in ING savings a couple months ago, and haven't received anything from the F ass pirates yet.
Click to expand...

How is this relevant to the topic?
Click to expand...

Hey Mr. kranky, back off the dude. He is Baked.
 
Originally posted by: gw186
here's a LINK. Looks like there may be some kind of a limit.
Click to expand...
/thread 🙂
So there is a 6 transfer limit, and it exists to distinguish savings accounts from checking accounts for FDIC purposes.

If a bank lets you make too many transfers then it's really a checking account, and they need to keep a higher percentage of your balance on hand / in reserves instead of loaning it out to make money.
 
in texas wellsfargo they gave me 6 withdrwal a month, if i over the limit 3 times/year they will automatically convert my account to checking
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top