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To many transfer?

Posted by Anonymous   + Show Post
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?
Posted by Anonymous on Mar. 29, 2013 at 8:06 PM
Replies (11-17):
Anonymous
by Anonymous 1 - Original Poster on Mar. 29, 2013 at 8:19 PM
Wow... Nice of them to warn you of the charges. I planned on closing this bank account I just have to wait for my direct deposit to switch to my new bank.

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.

elephantmamaof2
by Ruby Member on Mar. 29, 2013 at 8:20 PM

If I were you I would open up a second checking linked to the first, with no debits cards, that you can use for "reserved" funds like your hotel stuff. That way you can "save" it, but still be able to transfer back and forth easily. This is exactly what dh and I do. 

ambermario4ever
by on Mar. 29, 2013 at 8:21 PM

You can do an in bank transfer. You have a limit of six transfers on line out of savings a month. Monday will be the first so you should be able to transfer online again at that time.

ff-princess
by Ruby Member on Mar. 29, 2013 at 8:21 PM

I have a savings account at the same bank my checking is at.  it's a Christmas account, so when the holiday rolled around, I started transferring funds for every transaction so I could keep track of exactly what I spent easily. 

unfortunately, I got a letter in the mail stating that there was a limit on account tansfers connected to the savings account, and if I made more than 3 transfers in a month they would convert it to a checking account with all the fees that go with it.

I called the bank, apologized, they refunded the fees that had already hit, and it went back to a savings account that I will make one or two transfers out of for the holiday instead of individual ones.

tina08mommy
by Gold Member on Mar. 29, 2013 at 9:26 PM
I have no idea never had that problem.
Posted on CafeMom Mobile
blue.chairs
by on Mar. 29, 2013 at 9:27 PM
Yep.


Quoting LiesLiesLies:

It's federal law. Don't blame your bank.

Posted on the NEW CafeMom Mobile
Logan_Bellasmom
by Ruby Member on Mar. 29, 2013 at 9:30 PM

Please most banks give you paperwork that tells you that.....the problem is people like you guys who don't read it and learn all about the account stuff.

Quoting Anonymous:

Wow... Nice of them to warn you of the charges. I planned on closing this bank account I just have to wait for my direct deposit to switch to my new bank.

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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