alarmguy
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This looks sweet, good find.My Savings Direct 4.35% savings account.
Good to know I’ve been checking on and off just been a little tied up with the holidays and stuff.CIT Bank went to 3.85% interest.
Yep that's me. They denied a transfer at first because of "fraud" I was on the phone for 30min saying it's me doing it. Then returned a transfer back to the account because of some lame error excuse. It now says I had $50k in deposits so I'll just let it sit and see if I get a bonus. If they continue to play games I'll escalate the issue. The law even says the 6 transfers per month is not currently in effect. I didn't even exceed 6 so they have no excuse.I don’t understand your statement. How does Discover prevent or hinder you from accessing your money?
The Federal Government would not allow it.
Oh! I got your number! Your the one who thought you were going to be able to meet their requirements getting a free $500 for depositing $50,000 for at least 30 days by not keeping the $50,000 in for the full 30 days because the wording said 50,000 in deposits for 30 days
I’ll be getting the free $500 30 day interest promotion payment plus the daily compounded 3% in a few weeks
I thought there was something more to it. Regarding regulation D, enforcement by the Fed Regulation D was suspended due to Covid, however, banks are not obligated to suspend the withdrawal limit.Yep that's me. They denied a transfer at first because of "fraud" I was on the phone for 30min saying it's me doing it. Then returned a transfer back to the account because of some lame error excuse. It now says I had $50k in deposits so I'll just let it sit and see if I get a bonus. If they continue to play games I'll escalate the issue. The law even says the 6 transfers per month is not currently in effect. I didn't even exceed 6 so they have no excuse.
I didn't exceed it even though I am able to. They just want to make it difficultI thought there was something more to it. Regarding regulation D, enforcement by the Fed Regulation D was suspended due to Covid, however, banks are not obligated to suspend the withdrawal limit.
Why would banks continue to have the limit? Very simple. This is the federal government talking. They have not done away with the regulation, they only suspended it, left it open ended and no indication if they will start to require it again or not. Typical junk dealing with federal regulations. Regulations placed on banks are in surmountable, and now you have the negligence position of suspending of regulation, with no indication of an end date.
So banks, for dealing with a suspended enforcement of regulation, D, but not a removal of regulation D, and they are not required in anyway, to suspend it.
In fact they could even charge you for exceeding the limit.
There’s much information on the Internet about it, currently are suspended federal regulations, but not removed federal regulations. One should be aware of when opening savings accounts to have a checking account to transfer money into.
Regulation D And Savings Account Withdrawal Limits – Here's What Changed | Bankrate
Limits on withdrawals from savings and money market accounts were revised in 2020, but some banks still impose a cap on the number of transactions.www.bankrate.com
I did notice you didn’t exceed it, was just explaining why they have it. Sounds like you have it worked out and won’t be a Discover customer after the $500 and nothing wrong with that. I use companies like they use me and my money, best deal always winsI didn't exceed it even though I am able to. They just want to make it difficult
Yes, I was able to confirm in my account this morning about CIT.CIT Bank went to 3.85% interest.
House is paid off so only taxes and insurance plus utilities and maintenance affect me so maybe half that or say 12%.
6 months later, half a dozen banks offer over 5% savings accounts. WOW. Don't expect it to go any higher but certainly hope it lasts at least for the rest of the year. May have to increase estimated tax payments.Update- 1/15/23
This is an update to my OP.
Im liking Cit Bank (not Citibank) Interest rate is now over 4% in the savings account. No restrictions.
6 months later, half a dozen banks offer over 5% savings accounts. WOW. Don't expect it to go any higher but certainly hope it lasts at least for the rest of the year. May have to increase estimated tax payments.
Yeah, Cit Bank now has a Platinum Savings with APY 4.95% if you deposit $5000 or more. So I opened one of those with a few clicks in my CitBank online account and transferred money to the new account while still keeping open their standard account which is The Savings Connect at 4.60% APY6 months later, half a dozen banks offer over 5% savings accounts. WOW. Don't expect it to go any higher but certainly hope it lasts at least for the rest of the year. May have to increase estimated tax payments.