Bank savings account-is this normal?

Discussion in 'Campfire' started by ozark outdoorsman, Dec 1, 2012.

  1. ozark outdoorsman

    ozark outdoorsman Account Suspended

    This may seem like a dumb question for some, but is it normal to have to pay a service charge if you make to many withdraws from a savings account in a month? Like your limited to three per month but you can transfer the money to your checking account and withdraw as many times as needed?
     
  2. Passthrough

    Passthrough Account Suspended

    Normal at some banks, like Regions. A good bank won't do that. Try bank of the Ozarks or Arvest
     

  3. BandedWoodrow

    BandedWoodrow Well-Known Member

    It is required by the FDIC because of the type of account it is. It is normal at all banks.
     
  4. Passthrough

    Passthrough Account Suspended

    Nope. FDIC has nothing to do with fees or withdrawal limits
     
  5. JR1

    JR1 Well-Known Member Supporting Member

    Banded is correct. We allow 6 withdrawals a month form a savings acount and then $1 each after that. Go over six there months in a row and we will convert your savings account to a free checking account.
     
  6. BandedWoodrow

    BandedWoodrow Well-Known Member

  7. BandedWoodrow

    BandedWoodrow Well-Known Member

    Pulled this from the information section on Arvest bank site for a savings account.

    Features

    Minimum to open: $100
    Earn premium interest rate when account is held in conjunction with a qualifying checking account. Qualifying checking accounts include Preferred Club, Arvest Club, Private Banking and Investor Checking.
    Interest paid quarterly at current savings rate on all daily collected balances of $100 and over
    Unlimited deposits and up to three withdrawals per month (a withdrawal fee of $5 will be charged for each debit in excess of three per month)
    Arvest ATM Card with checking account relationship (unlimited ATM withdrawals or transfers)
    Quarterly statements
    Free Arvest Online Banking and Account Information Line
    Avoid $2 monthly service charge by maintaining a minimum daily balance of $100 or an average daily balance of $500
     
  8. UCNE

    UCNE Well-Known Member

    The elimination of the three transfer sub-limit was effective for FDIC-supervised institutions on July 2, 2009, the effective date of the amendment to Regulation D.

    :up:
     
  9. BandedWoodrow

    BandedWoodrow Well-Known Member

    • Regulation D previously excluded from the definition of a “demand deposit” accounts that permit no more than six transfers per four-week period with a sublimit of not more than three transfers per month by check, debit card or other drafts to third parties.
    • Regulation D was recently amended by the Federal Reserve Board to increase from three to six the permissible monthly number of transfers or withdrawals from savings deposits by check, debit card or other drafts to third parties.

    They do regulate these types of transactions for all banks which was my point.
     
  10. chuckwagon

    chuckwagon Well-Known Member

    Have no idea what savings is? Dont you need money for that?
     
  11. Passthrough

    Passthrough Account Suspended

    So I was curious and called my bank because I do not have these restrictions on my savings. They said their higher interest savings accounts are actually "checking" available accounts which gets around the regulation
     
  12. BandedWoodrow

    BandedWoodrow Well-Known Member

    Learn something new everyday. Who do you bank with?
     
  13. Passthrough

    Passthrough Account Suspended

    Bank of the Ozarks. Of course as you know "higher interest" account still ain't paying squat right now
     
  14. thomasw_lrd

    thomasw_lrd Well-Known Member

    My bank always tells me its a regulation if I take too much Money out.
     
  15. redoak

    redoak Well-Known Member

    I do all my banking with two different credit unions and never pay fees like these mentioned here. I recently was in Canada and noticed the banks there charge for everything....hope were not heading that direction
     
  16. ozark outdoorsman

    ozark outdoorsman Account Suspended

    Well, my bank just went to a new limit of 4 per month. I withdrew 5 times and got hit with a fee. That is the first time I have ever heard of such, I just rarely ever touch savings. Kinda makes me want to close the account but if all banks are the same, I sure aint keeping money under my matress.
     
  17. BandedWoodrow

    BandedWoodrow Well-Known Member

    I had the same thing happen to me when I banked with Regions. Made me very mad until I found out all banks do it.
     
  18. redoak

    redoak Well-Known Member

    savings withdrawl fees

    I read my disclosure from the credit union and after 6 per month they charge a fee. However, it specifically states that savings withdrawals done in person at the branch or at an ATM are unlimited and do not count towards the 6 per month restriction. Looks like transferring online or by telephone is where I could run afoul if not careful.