We use PNC - I have a checking account, MH has a checking account, and we have a joint savings account.
MH doesn’t work during the summer (teacher) and I was unemployed for much of June-July, so we were surviving on savings and my unemployment checks. Therefore we have been moving our money around a lot in the last few weeks to, ya know, feed ourselves and keep our house.
PNC sent us a letter today scolding us for making more than six transfers and saying that we’ll be charged a fee if we do it again. MH read it and relayed it to me and said something about a federal law limiting the amount of transfers that can be made.
Is this actually a thing? Are there any banks that aren’t going to penalize us for moving OUR money around once in a while? We’ve been loyal customers for years and just ran into a tough time this summer. The letter said we should just use an ATM if we need money but (a) they closed our nearest branch and I don’t feel like driving 20 minutes out of the way every time I need groceries and (b) wouldn’t I have to transfer money anyway in order to use my debit card at an ATM?
We're switching banks right now, but I think both of ours have this. I always assumed it had to do with a regulation about banks having a % of funds be available, but never really investigated why.
Here's the disclaimer on my BoA account. Can't find the one on my USAA account, but I think it has the same limit.
"You are allowed 6 withdrawals and transfers per monthly statement cycle on this savings account without incurring a Withdrawal Limit Fee. You may be charged a Withdrawal Limit Fee for each withdrawal and transfer exceeding 6 in a monthly statement cycle. You will not be charged this fee if you maintain a specific balance described in the Personal Schedule of Fees. Additionally, federal regulations limit the number of certain types of withdrawals and transfers from a savings account to a total of 6 each month; Online and Mobile Banking transfers are included in this limit."
When I click for more info, it says:
"Total of 6 transfers and withdrawals each monthly statement cycle without a Withdrawal Limit Fee
You may be charged a $10 fee for each additional transfer and withdrawal you make before your statement cycle ends.
You will be charged no more than 6 of these fees each statement cycle.
If you maintain a minimum daily balance of $20,000 or more in this account or if you are enrolled in the Preferred Rewards program, you won’t be charged this fee.
Federal regulations and the Deposit Agreement and Disclosures limit the number of the following types of withdrawals and transfers from a savings account to a total of 6 each monthly statement cycle (each month for savings accounts with a quarterly statement cycle): automatic or pre-authorized transfers, telephone transfers, Online Banking transfers or payments or, if checks or debit cards are allowed on the account, check, draft and point-of-sale transactions. If you exceed these limits on more than an occasional basis, we convert your account to another type of account and your account may no longer earn interest. "
Ok thanks - I’m just really annoyed at having to worry about this on top of making ends meet. And then feeling like we’re being scolded or treated like criminals to boot.
It is a Federal Reserve Bank Rule that banks must follow. Could you use a debit card at the grocery store and get cash back instead of going to the ATM? There usually isn't a fee for that although sometimes they limit the amount of cash you can get.
the depositor is permitted or authorized to make no more than six transfers and withdrawals, or a combination of such transfers and withdrawals, per calendar month or statement cycle . . . to another account (including a transaction account) of the depositor at the same institution or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order, or instruction, and no more than three of the six such transfers may be made by check, draft, debit card, or similar order made by the depositor and payable to third parties.
mbcdefg, I'm sorry. I get how frustrating it must be. Here I am unsympathetically quoting bureaucratic bank fine print but missing the bigger picture. Hang in there.
Yeah, it's a thing. I've noticed it on some of my accounts, not sure if it's all of them. I know I have seen the warning when transferring money from my savings to checking within my local credit union. 6/month is more than one per week, so while I can see it being a pain to track, I've never actually run up against it.
It is a Federal Reserve Bank Rule that banks must follow. Could you use a debit card at the grocery store and get cash back instead of going to the ATM? There usually isn't a fee for that although sometimes they limit the amount of cash you can get.
the depositor is permitted or authorized to make no more than six transfers and withdrawals, or a combination of such transfers and withdrawals, per calendar month or statement cycle . . . to another account (including a transaction account) of the depositor at the same institution or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order, or instruction, and no more than three of the six such transfers may be made by check, draft, debit card, or similar order made by the depositor and payable to third parties.
That’s usually what I do (withdraw $ at the grocery store when I need cash, rather than go to the ATM across town).
The issue is that some unexpected expenses came up - we were in a minor car accident and insurance kept jerking us around so we had to pay OOP for repairs. MH was also doing some yard work and wound up hiring the last of it out because I went back to work and he had to watch our DD. I was also supposed to get my first paycheck last week and due to discrepancies I’m still waiting for it.
So we’ve had to take more money out of savings to cover all our expenses. Ideally we should’ve just transferred one big amount and worked off that, rather than taking out “just enough” several times.
We have the savings there. It’s not a huge deal to draw from it, and (assuming I get a GD paycheck) we should be able to replenish it back to where it was in the near future. It’s just frustrating that our plans keep getting screwed up. It’s also frustrating that we’re not doing this every single month ... it’s just been recently when we’ve run into problems and we figured “well that’s just why we have savings so we can take it out as needed” and then the bank says NEWP and we have to then figure out a new plan.
It's definitely not personal, although sometimes everything can feel personal when things aren't going well. I've gotten a letter about that before, also. It was like, "You should switch to a checking account if you want to treat this like a checking account."
I am at a credit union, and I am allowed to transfer money from savings to checking as often as I want. I am also allowed to keep my checking at zero write checks on it and it flows in as needed from savings.
I don’t think that helps you if you are transferring from bank to bank, like outside institutions from each other but from savings to checking absolutely. ATM’s can be a pain though, but by weird coincidence I happened to find one that is free and near where I work.
I think for unemployment we got a Visa card maybe or direct deposit. I can’t remember but I feel like there was a card at some point in time.
Post by dr.girlfriend on Aug 19, 2019 16:22:45 GMT -5
I can see where that would be really stressful -- I didn't know that either, and it must suck to learn about it at a time when you're already under a lot of stress. I'm at PNC too, and I have never seen a notice when I make a transfer in or out, but I don't do it very often either.
There are limits on all savings and money market accounts. You can switch to a checking or just be more careful in the future
Seriously? I was in the same position last year when I had to take 4 months of unpaid medical leave due to an injury. I'll try to be more careful and not have something out of my control happen again 🙄.
Op: I'm sorry this is happening I felt the same way. We were just trying to survive a situation as best We could. We weren't warned until we were charged
There are limits on all savings and money market accounts. You can switch to a checking or just be more careful in the future
I have a checking account. There’s just no money in it because I stopped qualifying for unemployment because I got a job, and because my new job is taking it’s sweet ass time paying me for my work.
Also doesn’t help that we were sitting in traffic minding our own business when an armored truck slammed into our bumper because the driver wasn’t lying attention and then refused to give his insurance info to us or the state trooper who showed up, and our insurance company has no answers, so the money we had in checking went to get the car fixed because the guy responsible for busting our car couldn’t be bothered to take care of his mistake so fuck me I guess it’s my problem now.
Post by dragon's breath on Aug 19, 2019 19:41:13 GMT -5
As everyone said, yes this is a thing (federal regulation).
However...
It's a limit of six "convenience" transactions. If you have a physical bank in your area, you can go there and request the transfer. I just had to read up on this because I was moving money from various accounts to my checking in order to make a very large purchase. I had to close one account, because I would have gone over the dollar limit/month allowed to be transferred through a normal online transaction. I could close the account and transfer the money fine though.
The reasoning (not that it helps) is that "they" are trying to discourage using a savings account for a lot of quick and easy access, since it's "for savings". There is no limit on a checking account, because it is meant for constant easy withdrawals.
Hopefully you don't have another month that would require so many pulls from savings, but if you do have access to the physical bank, try to do it from there, if possible.
We're switching banks right now, but I think both of ours have this. I always assumed it had to do with a regulation about banks having a % of funds be available, but never really investigated why.
Here's the disclaimer on my BoA account. Can't find the one on my USAA account, but I think it has the same limit.
"You are allowed 6 withdrawals and transfers per monthly statement cycle on this savings account without incurring a Withdrawal Limit Fee. You may be charged a Withdrawal Limit Fee for each withdrawal and transfer exceeding 6 in a monthly statement cycle. You will not be charged this fee if you maintain a specific balance described in the Personal Schedule of Fees. Additionally, federal regulations limit the number of certain types of withdrawals and transfers from a savings account to a total of 6 each month; Online and Mobile Banking transfers are included in this limit."
When I click for more info, it says:
"Total of 6 transfers and withdrawals each monthly statement cycle without a Withdrawal Limit Fee
You may be charged a $10 fee for each additional transfer and withdrawal you make before your statement cycle ends.
You will be charged no more than 6 of these fees each statement cycle.
If you maintain a minimum daily balance of $20,000 or more in this account or if you are enrolled in the Preferred Rewards program, you won’t be charged this fee.
Federal regulations and the Deposit Agreement and Disclosures limit the number of the following types of withdrawals and transfers from a savings account to a total of 6 each monthly statement cycle (each month for savings accounts with a quarterly statement cycle): automatic or pre-authorized transfers, telephone transfers, Online Banking transfers or payments or, if checks or debit cards are allowed on the account, check, draft and point-of-sale transactions. If you exceed these limits on more than an occasional basis, we convert your account to another type of account and your account may no longer earn interest. "
I can tell you that USAA spanked me once about doing this, so they comply as well. They were nice about it, but the take home message was we will transfer the money but don't do it again. I didn't.
I had no idea this was a federal regulation. I’m sorry you’ve run up against this just trying to live and access your own money. Hopefully your new company comes through with the paycheck this week.
I work in banking.. definitely federal regulation, even for businesses. I've had to close out customers accounts for exceeding the max withdrawals.
And as a person, even with this knowledge... I've gotten the same letter in the mail from my bank, letting me know I'd exceeded the max transactions.
It happens. Don't beat yourself up over it and try not to be too mad at your bank, since they're just following regulation. Every time something goes wrong in the economy, we get slapped with a new set of regulations that make our lives hard and our customer's lives harder.
Hopefully, things start to smooth out now that the school year has started, and hopefully you guys get some relief soon.
Post by bullygirl979 on Aug 20, 2019 7:32:00 GMT -5
I'm sorry. That sounds stressful.
Just an idea but can you set up paypal or Venmo and link it to pay from your joint account and then you could withdraw it to your checking account? My H and I have completely separate accounts so we are always sending each other money through Venmo.
We're switching banks right now, but I think both of ours have this. I always assumed it had to do with a regulation about banks having a % of funds be available, but never really investigated why.
Here's the disclaimer on my BoA account. Can't find the one on my USAA account, but I think it has the same limit.
"You are allowed 6 withdrawals and transfers per monthly statement cycle on this savings account without incurring a Withdrawal Limit Fee. You may be charged a Withdrawal Limit Fee for each withdrawal and transfer exceeding 6 in a monthly statement cycle. You will not be charged this fee if you maintain a specific balance described in the Personal Schedule of Fees. Additionally, federal regulations limit the number of certain types of withdrawals and transfers from a savings account to a total of 6 each month; Online and Mobile Banking transfers are included in this limit."
When I click for more info, it says:
"Total of 6 transfers and withdrawals each monthly statement cycle without a Withdrawal Limit Fee
You may be charged a $10 fee for each additional transfer and withdrawal you make before your statement cycle ends.
You will be charged no more than 6 of these fees each statement cycle.
If you maintain a minimum daily balance of $20,000 or more in this account or if you are enrolled in the Preferred Rewards program, you won’t be charged this fee.
Federal regulations and the Deposit Agreement and Disclosures limit the number of the following types of withdrawals and transfers from a savings account to a total of 6 each monthly statement cycle (each month for savings accounts with a quarterly statement cycle): automatic or pre-authorized transfers, telephone transfers, Online Banking transfers or payments or, if checks or debit cards are allowed on the account, check, draft and point-of-sale transactions. If you exceed these limits on more than an occasional basis, we convert your account to another type of account and your account may no longer earn interest. "
I can tell you that USAA spanked me once about doing this, so they comply as well. They were nice about it, but the take home message was we will transfer the money but don't do it again. I didn't.
I can tell you that USAA spanked me once about doing this, so they comply as well. They were nice about it, but the take home message was we will transfer the money but don't do it again. I didn't.
Same.
I actually just had to make a transfer today and saw the little warning on the app and thought of this thread.
This is the goofy part to me regarding the regulation--posted upthread--"a limit of six "convenience" transactions. If you have a physical bank in your area, you can go there and request the transfer." Just feels antiquated given the way we bank online so much these days. I feel like it should be updated to tie to a high $ amount vs. just a rule of 6 regardless of the amount of funds.
There are limits on all savings and money market accounts. You can switch to a checking or just be more careful in the future
I have a checking account. There’s just no money in it because I stopped qualifying for unemployment because I got a job, and because my new job is taking it’s sweet ass time paying me for my work.
Also doesn’t help that we were sitting in traffic minding our own business when an armored truck slammed into our bumper because the driver wasn’t lying attention and then refused to give his insurance info to us or the state trooper who showed up, and our insurance company has no answers, so the money we had in checking went to get the car fixed because the guy responsible for busting our car couldn’t be bothered to take care of his mistake so fuck me I guess it’s my problem now.
My bad I didn’t mean that snotty at all! I know it wasn’t your fault, just now you know there are limits and be careful to fall within those limits. If I know I might have several transactions, I go ahead and transfer more than I need since I’m limited to 6. Or I watch the ending statement date and wait a few days until the end of the month. I wasn’t saying you aren’t careful for life’s curveballs!
mbcdefg, I didn't read all the replies, but the rule of thumb is that if you have to put on pants to do the transaction, then it doesn't count towards the six. So if you walk into a branch and make a withdrawal from your savings and deposit it to your checking that wouldn't count as one of the six. But if you did it online or over the phone, that does count. Now, your bank may have its own policy that may limit you, but it wouldn't make you in violation of the federal regulation, it just may assess you a fee for too many withdrawals.
I have seen that limit on my online savings account before. However, if I write myself a check from one account to deposit in another, it doesn't count against it. My 3 different banks all allow check deposit via the app on my phone so I don't actually have to leave my desk to transfer it but my savings account doesn't have checks so thats the only one I need to make transfers out of. This might be an option to get around the transfer rule.
I have a checking account. There’s just no money in it because I stopped qualifying for unemployment because I got a job, and because my new job is taking it’s sweet ass time paying me for my work.
Also doesn’t help that we were sitting in traffic minding our own business when an armored truck slammed into our bumper because the driver wasn’t lying attention and then refused to give his insurance info to us or the state trooper who showed up, and our insurance company has no answers, so the money we had in checking went to get the car fixed because the guy responsible for busting our car couldn’t be bothered to take care of his mistake so fuck me I guess it’s my problem now.
I’m sorry:( How did he get away with that?!?! Was he arrested? I’d be so pissed!
Not arrested. The trooper took his company info but he refused to give insurance info. Idk.
On the plus side our insurance company called MH today and said they settled everything and we’ll get a reimbursement.
And the paycheck saga, ready for this? ... I work remote because my company is based in Canada. They use ADP to pay American employees. ADP’s rule is that the first paycheck must be a paper check. They’re mailing it up to Canada who will then overnight it to me. And ADP is headquartered THREE MILES FROM MY HOUSE. Lmao.
I’m sorry:( How did he get away with that?!?! Was he arrested? I’d be so pissed!
Not arrested. The trooper took his company info but he refused to give insurance info. Idk.
On the plus side our insurance company called MH today and said they settled everything and we’ll get a reimbursement.
And the paycheck saga, ready for this? ... I work remote because my company is based in Canada. They use ADP to pay American employees. ADP’s rule is that the first paycheck must be a paper check. They’re mailing it up to Canada who will then overnight it to me. And ADP is headquartered THREE MILES FROM MY HOUSE. Lmao.
That stuff drives me bonkers! When we ordered nursery furniture the company insisted on charging us for shipping and refused to let us pick up from the warehouse. WE WERE IN THE SAME ZIP CODE.