Comments on: Three Banking Regulation/Laws You Should Be Aware Of

By: Philemon Ilawole

Philemon Ilawole — Sat, 28 Mar 2009 17:52:31 +0000

I have another question Barry, I regularly transfer money from my online savings account to my checking account. Essentially, I do this when funds are low in my checking account and I want to avoid paying NSF fees on my checking account. Is regulation D working in my best interest since it limits me to six transactions in a month? My savings account is neither a high yield account nor a cd account. Does regulation D still apply to an ordinary online savings account. I will appreciate your thought.

By: Philemon Ilawole

Philemon Ilawole — Sat, 28 Mar 2009 17:34:29 +0000

If I overdraw my chcking account and I have funds in the savings account, does’nt the bank have an automatic right to transfer enough fund from the savings account to make up rather than charge me NSF fees. Vystar Credit Union in Florida does this but WAMU has never done that. Should’nt all banks have same rules? Thanks Barry

By: Cap

Cap — Sat, 18 Nov 2006 02:14:19 +0000

hejustlaughs: transfer in shouldn’t count toward the 6 limit. didn’t really make it clear but its for transfer out only. sorry!

By: Barry

Barry — Fri, 17 Nov 2006 16:00:49 +0000

Thanks for the info. I only recently opened an Emigrant account. I checked back at the number of deposits/withdrawals and didn’t get to the max on any month. All of this is good to know, though. Thanks again.

Barry

By: hejustlaughs

hejustlaughs — Fri, 17 Nov 2006 00:01:21 +0000

I got a letter from Emigrant about this when I started using my account to pay CC bills. oops.

Does the 6 transfer include transfer into your savings account?

By: Cap

Cap — Thu, 16 Nov 2006 06:31:03 +0000

this is the last place on earth where you’ll need to worry about grammar.

in regards to online accounts, they probably wont close the account w/o prior warning. what happens varies from one account to another, but what most likely will happen is that the transfer that puts you over the limit will complete (money into your linked account).. and then your account will be frozen until its dealt with.

or, if you’re using the online savings interface, they wont allow you to complete the transfer that will put you over the limit. the same can’t be said if you’re using another source to ACH pull from your online savings.

hope that makes sense?

By: Barry

Barry — Wed, 15 Nov 2006 19:50:19 +0000

About the Federal Regulation D – If I go over 6 transfers a month to my internet savings account and my account is closed, does the money get put back into my linked checking account or does it go “Poof!” I’m sorry for the run-on sentence.

Barry