Federal law online banking fee

**Jayne** · 02-06-2012, 10:08 AM

I do almost all banking online. I made 5 withdrawls (transfers) from savings to checking in January . I went online to check my accounts, (I do this every day) and noticed a 10.00 fee on my savings stating too many transactions. DH called the bank and they told him it was a new federal law, started in January if you make withdrawls or transfers from savings to checking online only. I can go to the bank or to the MAC machine and do this as much as I want and not get charged. Anyone know anything about this?? When did they sneak this in??

**Russ** · 02-06-2012, 10:21 AM

FDIC Law, Regulations, Related Acts - Consumer Protection

**Russ** · 02-06-2012, 10:24 AM

It's almost as if they are trying to get us to write checks.

**Russ** · 02-06-2012, 10:41 AM

Originally Posted by Jayne

I do almost all banking online. I made 5 withdrawls (transfers) from savings to checking in January . I went online to check my accounts, (I do this every day) and noticed a 10.00 fee on my savings stating too many transactions. DH called the bank and they told him it was a new federal law, started in January if you make withdrawls or transfers from savings to checking online only. I can go to the bank or to the MAC machine and do this as much as I want and not get charged. Anyone know anything about this?? When did they sneak this in??

Just curious, is that many transfers typical for you?
If I read the law correctly, the transfers only involve the savings, not the checking. So, I guess I would ask you, do you put a lot into saving for the interest? Maybe get an interest bearing checking acct so you don't have to transfer monies around so much.

**cadamsgis** · 02-06-2012, 10:42 AM

how many are too many?

**Russ** · 02-06-2012, 10:43 AM

I believe it's six.

**Jayne** · 02-06-2012, 11:11 AM

Thanks Russ...No that is not typical for me...Yes, its just savings..Six is when they nail ya...

**Maddy's Mom** · 02-06-2012, 12:11 PM

I've already been tricked by this. I paid a bill for a little less than my checking balance and then went to transfer some money over to have a cushion. It said I had reached my transfer limit and can't transfer. Well, it was 7pm and there wasn't anything I could do but watch in horror as 4 things came through around 10pm, putting me into the negative. (Dramatic, right? ha!) I called them in the morning and they were kind enough to refund the fees that were charged.

**lparker** · 02-06-2012, 01:16 PM

I can transfer once or twice a month from savings to checking for free at my bank - after that, it's $2 a transfer. There are no federal fees involved that I'm aware of.

**pop goes the weasel** · 02-06-2012, 02:19 PM

This has happened to me too only the bank told me that when my husband opened the savings account 13 years ago they told him about transfers. As if he would remember that far back. Youwere lucky, they hit us with a $52.00 maintenance fee. According to them we can transfer 18 times a quarter. They did take the fee off this time.

**frugalwarrior2** · 02-06-2012, 03:37 PM

Still loving that C.U.!

**khaski** · 02-06-2012, 03:54 PM

So am I undertanding correctly- the bank will charge you at least $10 if you make 6 or more transfers online from savngs, to checking?

**imagine** · 02-06-2012, 04:13 PM

Originally Posted by khaski

So am I undertanding correctly- the bank will charge you at least $10 if you make 6 or more transfers online from savngs, to checking?

Hubby believes you all are talking about this Regulation

[ame="http://en.wikipedia.org/wiki/Regulation_D_%28FRB%29"]Regulation D (FRB) - Wikipedia, the free encyclopedia[/ame]

I used Wiki because it explained it the easiest. in 2009 it became favorable for the depositor (person with the savings account)

It involves transfers from savings or money market accounts when your presents is not required.
It does not count ATM or in person withdrawals.

and yes it applies to credit unions too.

here is a CU explaining the Reg on their website
https://www.ufcu.org/tools/help/reg_d_faq.php

**craftypam** · 02-06-2012, 06:23 PM

This also happens with auto withdrawl to pay bills.

My mil does not do online banking and does not have a checking account. So she has her utilities and car payment taken out of her savings account. One of the untility bills changed her billing date so 2 payments came out one month and she had to pay $5. This did not just happen this year. It happened last year or the year before. The government does not want us taking OUR money out of savings too many times in a month.