Originally Posted by alarmguy
Originally Posted by grampi
Originally Posted by alarmguy
Originally Posted by grampi
I received an email notice from my credit union stating that the Reg D limit has been temporarily removed to give people easier access to their money. I could never figure out the purpose of this reg. For those who don't know what this is, it's a law that restricts the number of withdrawals you can make from your savings account per month, which the limit is 6. This limit makes no sense. Why would the banking industry care how many times people pull money from their savings account? After all, it is our money, and our accounts...
Originally Posted by grampi
I received an email notice from my credit union stating that the Reg D limit has been temporarily removed to give people easier access to their money. I could never figure out the purpose of this reg. For those who don't know what this is, it's a law that restricts the number of withdrawals you can make from your savings account per month, which the limit is 6. This limit makes no sense. Why would the banking industry care how many times people pull money from their savings account? After all, it is our money, and our accounts...
Reread my post on page 1. It is not the banking industry that limits your withdrawals. It's the federal government, Technically there is no limit but if you exceed six withdrawals electronically a month you'll be charged a fee
It really doesn't matter WHO limits it, the limit itself is stupid...Like I said earlier, it's my money and I should be able to transfer it around as much as I see fit. The financial institution is fortunate that I have chosen them to secure my money...they act like it's THEIR money...
Wrong again, they do not act like its their money, though you may feel that way. The GOVERNMENT MANDATES THAT REQUIREMENT.
SECOND POINT IS, (just being nice saying this) but you are wrong again. There is no limit on withdrawals from your checking account, NONE.
There are no limits on withdrawals from saving accounts when done at your bank, NONE.
There are only limits if you make withdrawals electronically from your savings accounts. So no one is acting like its anyones money but your own.
You choose the higher interest of a savings account? Then you live by the rules of YOUR government who insures your money.
You have the right, to put your money anyplace else if you wish, but if you want your money insured by the government, you play by their rules.
No different then when one invests in CDs.
Hopefully this helps, I am not being "mean" or nasty in anyway.
You dont get free lunch as in this case, your money insured without rules. Dont like the rules? put your money someplace else. Its a free country and there are TONS of places to put your money without government INSURANCE.
if you want insurance, like anything then you live by the rules of the people insuring you.
There has never been a withdrawal limit on your money from a savings account and still to this day there is not.
However, if you do it electronically over 6 times a month you will be charged a mandated fee. This is to insure a stable money supply and give you a higher interest rate with free insurance. Dont like it" write your congressman, not your bank.
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I never said there were limits on checking accounts. You have specified transactions I never made any claims to. Having no transfer limits on savings accounts by stipulating "as long as you're making the transaction in person" is a bit misleading. There is a limit when making transfers electronically, or over the phone. My credit union isn't located locally, so the only transactions I can make with them are either electronically, or over the phone. If the limit is to keep more of your money in the account, as someone posted earlier, then having no transfer limits when making them in person, but limiting phone an online transfers makes no sense. I also don't think there is a fee if you make more than 6 transfers from savings in a month. I believe they just don't allow any more transfers. At least, that's the way my credit union does it. I tried to make more than 6 one time, I even got on the phone with them and they didn't mention anything about making more than 6 and paying a fee. They just said no more withdrawals from savings could be made.