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To many transfer?
by Anonymous
March 29, 2013 at 8:06 PM
I have a savings and a checking account at the same bank. They are synced and I can transfer money between them. Well I recently needed money out to pay some car repairs then make some payments on vacation plans. I tried to transfer money today to pay for our hotel because some of the money in that account was specifically put there for this reason. It won't let me transfer money to my savings says I've reached my limit of 6 transfers? I haven't transferred money in about two weeks. I can transfer money in the account not out. Monday morning can I demand my savings account closed and my money? I've never heard of something like this. Basically I can't spend the money I have in my savings. Have you had this happen?

Replies

  • The_Doodle
    March 29, 2013 at 8:09 PM

    I did because I misunderstood the rules for withdrawing/transferring from a savings account. They did not lock my account, though. I've only done it once and they sent me a letter and said if I continued to do it next month they would change the status of the account. What that means, I don't know. I called and clarified the rules on it and now I'm good.

  • Two_Hearts
    March 29, 2013 at 8:11 PM

    I have the same thing ...chequing synced with savings. 

    Why can't you just go into the bill payment option ..and switch it from chequing to savings? And pay it from your savings account?

  • Binkys_Buttons
    March 29, 2013 at 8:12 PM
    My bff works in a bank and she said you Ussually can get around this by doing the transfer in the bank branch or at the atm. The laws only affect online banking.
  • LiesLiesLies
    March 29, 2013 at 8:13 PM
    It's federal law. Don't blame your bank.
  • Anonymous
    by Anonymous
    March 29, 2013 at 8:16 PM

    There is a federal law that, that is part of the Patriot Act, that states that if you have more than 6 transfers between your accounts within a one month period your bank must alert the feds. The bank can fine you, change your accouts to fee based account, or close your accounts when this happens. That part is up to their discretion. Lots of people do not know about this little tid bit that was part of the Patriot Act. I do because I got snagged by it as well, my bank charged me $15 for every transfer over the 6 and stated that my savings account would be switched from the money market savings account that is linked to my checking account to a fee based account if I go over the 6 transfers 3 months in a row.  I haven't went over my 6 since I got hit with those fines, it was over $200 worth of fines.

  • scperdomo
    March 29, 2013 at 8:16 PM
    Ours is like that too. Its a federal law. You can make up to 6 transfers out of the savings account within a 30 day period online. I would go to an actual bank or atm and that doesn't count towards the 6.
  • ElitestJen
    March 29, 2013 at 8:17 PM

    You agreed to the terms when you opened the account.  It's not uncommon for savings accounts to have a limit on withdrawals.  They're to SAVE money.  Your checking account is for SPENDING money. 

  • BEXi
    by BEXi
    March 29, 2013 at 8:17 PM

    I get charged everytime I go over the amount of transfers per month.. bull crap imo.

  • Pnukey
    by Pnukey
    March 29, 2013 at 8:18 PM

    Limiting the transfers is pretty normal. You don't have to DEMAND anything on Monday. You can just go in and close your account, no problem. You CAN spend the money in your savings, you just have to withdraw it instead of transfer it to checking.

  • LiesLiesLies
    March 29, 2013 at 8:19 PM
    I got my accounts frozen for making a large cash deposit. Ugh!


    Quoting Anonymous:

    There is a federal law that, that is part of the Patriot Act, that states that if you have more than 6 transfers between your accounts within a one month period your bank must alert the feds. The bank can fine you, change your accouts to fee based account, or close your accounts when this happens. That part is up to their discretion. Lots of people do not know about this little tid bit that was part of the Patriot Act. I do because I got snagged by it as well, my bank charged me $15 for every transfer over the 6 and stated that my savings account would be switched from the money market savings account that is linked to my checking account to a fee based account if I go over the 6 transfers 3 months in a row.  I haven't went over my 6 since I got hit with those fines, it was over $200 worth of fines.


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