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I have a few questions:
a) is the "D" in Regulation D for "Dumb"?
b) why should a savings account be limited to 6 transactions while a checking account can have a (I don't know exactly how many but it's a hell of a lot more than 6)?
c) Is there an actual change to Regulation D that prompted this? Like, will banks somehow be held responsible for something that happens at banks now? It seems 6 has been the limit since 2009 ... or is the only change that WellsFargo has just figured out another way to potentially screw their patrons?
Savings Transfer Limits
We want to make sure you understand an existing federal rule (Regulation D) limiting certain types of transfers from your savings account to a total of six (6) per monthly statement period*. To help you stay within the limit, please keep in mind the following:
The limit of six (6) transfers per monthly statement period from your savings account includes transfers through the following:
Online, Mobile, and Text Banking
Phone transfers - Using Wells Fargo's automated banking service or speaking with a banker on the phone
Overdraft Protection - Transfers to a checking account for overdraft coverage also counts
Third-party payments - Includes checks, wires, and ACH transfers (recurring and one-time)
There are no limits on the number of transfers or withdrawals made in person at ATMs or Wells Fargo banking locations or on any type of deposit.
If the six (6) transfers per monthly statement period are exceeded, an excess activity fee (currently $15) will be assessed for transactions that exceed the limit. If the limit is exceeded on more than an occasional basis, the savings account must be converted to a checking account (which doesn't have any transaction limits) or closed.
Beginning December 11, 2013
If the federal transfer limit of six (6) is reached or exceeded, additional transfers from savings accounts through online banking (including mobile and text) or the telephone may be declined for the remainder of the monthly statement period. We are taking this step to help our customers stay within the federal limit.
Easy ways to stay within the transfer limit:
Keep track of your transfers (especially recurring transfers)
Make transfers in person at an ATM or a Wells Fargo banking location
We want to make sure you understand an existing federal rule (Regulation D) limiting certain types of transfers from your savings account to a total of six (6) per monthly statement period*. To help you stay within the limit, please keep in mind the following:
The limit of six (6) transfers per monthly statement period from your savings account includes transfers through the following:
Online, Mobile, and Text Banking
Phone transfers - Using Wells Fargo's automated banking service or speaking with a banker on the phone
Overdraft Protection - Transfers to a checking account for overdraft coverage also counts
Third-party payments - Includes checks, wires, and ACH transfers (recurring and one-time)
There are no limits on the number of transfers or withdrawals made in person at ATMs or Wells Fargo banking locations or on any type of deposit.
If the six (6) transfers per monthly statement period are exceeded, an excess activity fee (currently $15) will be assessed for transactions that exceed the limit. If the limit is exceeded on more than an occasional basis, the savings account must be converted to a checking account (which doesn't have any transaction limits) or closed.
Beginning December 11, 2013
If the federal transfer limit of six (6) is reached or exceeded, additional transfers from savings accounts through online banking (including mobile and text) or the telephone may be declined for the remainder of the monthly statement period. We are taking this step to help our customers stay within the federal limit.
Easy ways to stay within the transfer limit:
Keep track of your transfers (especially recurring transfers)
Make transfers in person at an ATM or a Wells Fargo banking location
a) is the "D" in Regulation D for "Dumb"?
b) why should a savings account be limited to 6 transactions while a checking account can have a (I don't know exactly how many but it's a hell of a lot more than 6)?
c) Is there an actual change to Regulation D that prompted this? Like, will banks somehow be held responsible for something that happens at banks now? It seems 6 has been the limit since 2009 ... or is the only change that WellsFargo has just figured out another way to potentially screw their patrons?
:admiration:
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