Banking Transaction Limits

I recently received a letter from my bank saying that I have exceeded the transaction limits imposed by federal banking regulations for savings deposits.

 

Well it seems that if you use online banking and transfer money from Savings to Checking, and do that more than 6 times in a month, that’s a no no.

 

I called the bank and they said this is a 30 year old federal law. 30 years! That was before the internet was used by ordinary citizens.

 

They continued to say if I go over the 6 transaction limit 4 times in the year, then my account will be closed. They have no choice since this is a federal law.

 

Wow, so what happens to your money? They told me it would be rolled over into your Checking account.

 

What the hell?

 

 

Leave a Reply

You must be logged in to post a comment.