What happens if you use savings instead of checking?

[intogamer]

Lets say you open an ING Direct Account. They require you to have a Checking Account for the routing number.

But for Paypal you can use your Savings Account. I took the routing from the same bank as Checking and used it for Savings. It worked.

Are ETF transfers all the same? Wouldn't make a good marketing standpoint if you could use your Savings Account to start another Savings.

 

[Blazin Trav]

IIRC savings you can only withdraw so many times without penalties being involved.

 

[minendo]

Originally posted by: Blazin Trav
IIRC savings you can only withdraw so many times without penalties being involved.

Depends on the bank.

 

[sswingle]

Savings usually gives more interest

 

[SoulAssassin]

Originally posted by: Blazin Trav
IIRC savings you can only withdraw so many times without penalties being involved.

6 per calendar month.

 

[Ryan]

Originally posted by: SoulAssassin

Originally posted by: Blazin Trav
IIRC savings you can only withdraw so many times without penalties being involved.

6 per calendar month.

Differs from institution to institution. I use my savings account exclusively, and do multiple transfers and withdrawals a week - no penalties for me.

 

[Juice Box]

Originally posted by: Ryan

Originally posted by: SoulAssassin

Originally posted by: Blazin Trav
IIRC savings you can only withdraw so many times without penalties being involved.

6 per calendar month.

Differs from institution to institution. I use my savings account exclusively, and do multiple transfers and withdrawals a week - no penalties for me.

Indeed, I need to get that changed. I have Chase and am limited to 4-5 withdrawls (total) from it per month....which include savings-to-checking transfers

 

[intogamer]

But does my savings account act EXACTLY the same as checking for ETF transfer?

I have unlimited transfer.... with Citizensbanks. BofA wanted 6 min

 

[intogamer]

anybody?

 

[Jeff7]

Originally posted by: Ryan

Originally posted by: SoulAssassin

Originally posted by: Blazin Trav
IIRC savings you can only withdraw so many times without penalties being involved.

6 per calendar month.

Differs from institution to institution. I use my savings account exclusively, and do multiple transfers and withdrawals a week - no penalties for me.

Are you sure? A rep at Wachovia said that this is mandated by the federal government.

Found it. It's the FDIC that decides this. Link Go to section 204.133

"Background. Under Regulation D, 12 CFR 204.2 the term "savings deposit" includes a deposit or an account that meets the requirements of § 204.2(d)(1) and from which, under the terms of the deposit contract or by practice of the depository institution, the depositor is permitted or authorized to make up to six transfers or withdrawals per month or statement cycle of at least four weeks."

 

[Hyperlite]

yep thats what the wachovia rep told me too when i setup my account...there must be a loophole somewhere that the banks are using, or they are losing FDIC endorsement...

 

[intogamer]

Lol.... you guys want me to withdraw 7 times at my ATM? Post receipts?

ANyways... its getting OT.... Can someone answer my ?

 

[tk149]

Originally posted by: Jeff7

Originally posted by: Ryan

Originally posted by: SoulAssassin

Originally posted by: Blazin Trav
IIRC savings you can only withdraw so many times without penalties being involved.

6 per calendar month.

Differs from institution to institution. I use my savings account exclusively, and do multiple transfers and withdrawals a week - no penalties for me.

Are you sure? A rep at Wachovia said that this is mandated by the federal government.

Found it. It's the FDIC that decides this. Link Go to section 204.133

"Background. Under Regulation D, 12 CFR 204.2 the term "savings deposit" includes a deposit or an account that meets the requirements of § 204.2(d)(1) and from which, under the terms of the deposit contract or by practice of the depository institution, the depositor is permitted or authorized to make up to six transfers or withdrawals per month or statement cycle of at least four weeks."

This is what banks are supposed to do. However, some banks are better at enforcing this than others. If you violate this rule, the bank is supposed to close your account, or change it to a Demand Deposit Account (checking).

Not that any fine institution that I've ever worked at failed to enforce this rule.

/whistles casually, backs out of thread.