Scary Federal Regulation on Savings Account Transfers

If this notice from Wells Fargo doesn’t state Government Control, I don’t know what does…  I have but three words, “Vote Them Out!”  Churn the politicians, all of them, in the next election.  No Incumbents…

 

Read on…

 

Subject	Savings Transfer Limits
Received	October 23, 2013
From	Online Banking

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

* Exceptions to the statement period may apply.

Wells Fargo Bank, N.A., Member FDIC.

 

 

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