Banking Question (regulation D)

[aceduecetrey]

Here is my question, does anyone know how much the FED charges the actual bank on these?

Long story short, I am kind of living right now in St. Louis and need to open an account so that I had access to cash. I am stayimg all across the country in hotel rooms (in pittsburgh right now) and I did not want to carry cash. When I opened the account they said OK, here is a checking and a Savings. I put money in both, but more in the saving. When my Checkings get low, I tranfer out of the saving Online and into the checkings and then just buy crap with my debit card. Well, I have always been a cash guy, but now using this debit card basically, I am trying to limit my foolish spending, so basically transfer small amount out of my savings almost daily into my checkings. Apparently their is a Frederal Regulation that states you can only have 6 (online) non personal withdraws per month. I got banged out today for $600 for what they call w/d fees. They are charging me for $15 for every transaction (after the first 6) that I made. They are claiming it is a FED charge that the bank must pay. I call bullshit on them, but know there is some charge (after doing research today), but I dont think it is $15.

Anyone know?

 

[wilheim]

aceduecetrey

You should get a debit card attached to your saving account only and forget the checking account. That way there is no need to transfer funds between accounts. You can use the debit card for almost everything and just withdraw cash a few times a month from an ATM so you have it available for occasions when the debit card is not usable.

Defenitely change banks - talk to a manager in a small branch of Bank of America. They encourage online banking and I have never heard of such high fees for using their debit card. I used the system in 2006 when I was living in the states. My bank charges were very low and I used the card almost everyday.

http://www.bankofamerica.com/state....nba/onlinebanking/index.cfm?template=overview


wil..

 

[aceduecetrey]

They actually are charging for the w/d's that I did online from savings to checking.

I know I was an idiot doing it that way now, but really I had no idea about this bullshit. Crazy thing is you can actually do it at an atm as much as you want with no charge.

 

[wilheim]

Crazy thing is you can actually do it at an atm as much as you want with no charge. <!-- / message -->

True, BTW BOA calls their Debit Cards ATM Cards so don't be confused. Wells Fargo I hear is also easy to work with.


Once you have your account set up you never have to walk into the bank again if you use the account correctly. BOA even has a paperless option where they don't mail you any statements, you just copy it off your account online with a printer.



wil.

 

[KennyB]

If you make more than 6 withdrawals per month from the savings account/money market you are in violation of the reg. They are screwing you with the fees though. Typically the bank will give you a warning once you have exceeded the monthly limit and they will threaten to close your account if you continue doing it. The solution of course is to move the money from savings to checking and then you will stay within the 6 per month.

Now the problem you have is you have already done it so the question is whether or not they can charge you. You need to check out your agreement with them. It may say they have the right to charge you but at some point they should have put you on notice that they were charging you for the withdrawals. At this point your best bet is to negotiate the fee down.

 

[gbogo]

yes you can't do that unfortunately....

you need to have multiple debit cards and transfer options

perhaps an ING savings
alertpay
evocash

then your regular bank stuff and mix and match between those

so have BA $500 a day in checking
stick $250 in alertpay and evocash
and maybe Paypal debit card

anyway not sure specific needs etc but thats probably the best way to open the maximum number of accessible accounts fast and move money the quickest.

 

[bellyputter]

money laundering

 

[bigtendominator]

Some banks will charge up $12.50 for excessive withdrawals on Money Market accounts that exceed 6 with drawals.

Regular savings accounts, you are generally allowed 3 withdrawals per month.

 

[aceduecetrey]

Thanks guys for all the responses....

I was not really looking for a solution into how to still do what I was doing. I really was just doing it to try to put myself on a budget per day, basically trying to trick myeslf into controlling my wasteful spend. I have always been a cash person and would always just take out cash once a week or whatever and then pay everything in cash and I would always know how much I had in my pocket to blow. With this damn debit card, I am showing the same self control and just swipping everything that I can swipe.

What I am trying to do is not pay so much in fees to this bank. They are hiding behind the excuse that. "well it is not our fee, it is a FED fee and the bank is not going to eat 600 in fees." What I want to be able to do is say something like " hey I know it is what it is and I fucked up without even knowing it, but lets be real here the FED only charges you guys $3 and not $15, I will pay that and that only" I just neeed to find out how much the FED actually fines. I know it is not no damn $15

Thanks again guys!