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04-01-2010 04:00 AM  10 years ago
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Gearhead

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whats the Government doing now
did you know ??, that, as of some time this April you can NOT do more than 6 Electronic Transfers from your Savings Account (monthly), this includes ATMs,, after you do 6 Electronic Transfers from your Savings Account if you want to do more you have to do them "in-person" face to face at your Bank or C-Union,,

What's Next ???
Jim
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04-01-2010 04:02 AM  10 years ago
LonR

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Is that once a month or somthing ?600LE,OS55,OS PowerBoost pipe,Align 610's,Spartan
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04-01-2010 04:04 AM  10 years ago
stargazerww

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why is this?

where did you see or read this?

does this mean that i can only transfer 6 times from my paypal to my normal account? after that im screwed because there is no paypal bank?
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04-01-2010 04:05 AM  10 years ago
Gearhead

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""Is that once a month or somthing""

yes, sorry, I will Edit my post..
Jim
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04-01-2010 04:08 AM  10 years ago
Gearhead

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stargazerww,, were were told this at our Credit Union today, and we did receive 2 Letters informing us,,

""why is this""

most likely because of all the Illegal Electronic Transactions going on..
Jim
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04-01-2010 04:13 AM  10 years ago
LonR

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We don't draw from the ATM or anything but its still messed up how they control things like this.Like you said,whats next??You can only spend $30.00 per week on gas or go on trips twice a year .600LE,OS55,OS PowerBoost pipe,Align 610's,Spartan
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04-01-2010 04:43 AM  10 years ago
Ronald Thomas

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Been that way for a while for me....at least two years. I just use the checking account Team MikadoUSA 480XXTreme, 550SX, 600SX, 700XXTreme, 800XXTreme!!
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04-01-2010 11:32 AM  10 years ago
stargazerww

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THE WASP

hope i wasnt being disrespectful in my post but thank you for the info i love all the restrictions the govt puts on us dont you

and i havent seen any letters as of yet although i dont do many transfers between acounts in a month
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04-01-2010 01:24 PM  10 years ago
TwistedRotor

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What's the big deal? It's a savings account. If you want to do more than 6, then use a checking account.

"The reason for this is because your savings account is classified as a “saving deposit” and the reserve requirement on a “saving deposit” is 0%, compared to something like 10% on a “transaction account.” A reserve requirement is how much of the balance the bank must keep in reserve and not give out in loans. So when Emigrant Direct gets your $1,000 in your saving account, it doesn’t need to hold any of that in its reserves, it can loan all thousand dollars because the reserve requirement on a savings account is 0%. (hence the attractive rates) On a checking account (a transaction account) however, they must retain 10% of the balance on hand because the assumption is you will be drawing on your funds more frequently."
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04-02-2010 04:59 AM  10 years ago
Gearhead

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stargazerww ""hope i wasnt being disrespectful in my post""

no, not at all, you good with me !!

Edited,,
TwistedRotor, we can do as many transactions as we want as long as we do them in person, if it's a policy of the Bank/C-Union then I can understand and except that, but it's not a policy, it's the government sticking their noses in,,
can't you see what's happening to this country ????? open your eyes man !!!
Jim
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04-02-2010 01:21 PM  10 years ago
TwistedRotor

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My eyes are open. I also use my accounts for what they're intended for. If you're needing to dig into your account more than 6 times a month then it needs to be a checking.
we can do as many transactions as we want as long as we do them in person
And? People are lazy and they won't go to one. My wife works at a bank and when people try to do certain transactions in the drive through which require then to come into the lobby, they won't. Simple as parking their car and walking inside.
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04-02-2010 03:15 PM  10 years ago
SSN Pru

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Taxachusetts

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this is BS. I got a similar letter.

My wife and I have a joint savings account and we BOTH deposit money on a WEEKLY basis. We put our money there so we don't touch it. I might just turn it into a checking account because the monthly interest on over $5 grand is 20 cents!

What attractive rate?
Stupidity can be cured. Ignorance is for life!
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04-02-2010 05:49 PM  10 years ago
TwistedRotor

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the monthly interest on over $5 grand is 20 cents!
If I were you, I'd switch banks with an interest rate like that. A good savings account will earn 3%. Heck, our checking gets 2% which would be $100 a year on that same 5k. That's enough for some carbon blades.
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04-02-2010 10:19 PM  10 years ago
03fomoco

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Guess I am confused
I guess I am a little lost I have told my bank to not allow electronic withdrawls from my savings account and to also unlink it from any type of overdraft protection.

I keep a little on hand in savings for the crap I need money stuff but other than that it is tied up in retirement and "better" interest rate endeavors.
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04-02-2010 10:40 PM  10 years ago
Gearhead

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what pisses me off about this is the Government sticking there noses in and making it a law, it's just one more way to be able to fine us, just one more way to watch what we are doing, and just one more way to control us..Jim
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04-03-2010 12:57 PM  10 years ago
SSN Pru

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they don't fine you, they change the type of accountStupidity can be cured. Ignorance is for life!
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04-03-2010 01:13 PM  10 years ago
2LTime

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When I worked for bank when I was in college, this was the law. That was in 94 -95'. This is nothing new, it was put in place in 1933 after the stock market crash. The reason for it as I understood it than was that you could set up your checking account to automatically draw off your savings account if you overdrew. Basically creating an electronic transfer. If there were no limit on the number of times this could happen, your savings account would basically become a checking account and there would be no reason to keep money in your checking account. I'm sure that reserve requirement mentioned above comes into play also. But again, nothing new, been this way for a long time, 77 years. I also think that if there is an area of your life you want the government regulating, it's the finance/banking industry. You just don't want the politics to determine the regulations, you want good sense determining them.

The actual regulation:

"In the United States, under Regulation D, 12 CFR 204.2(d)(2), the term "savings deposit" includes a deposit or an account that meets the requirements of Sec. 204.2(d)(1) and from which, under the terms of the deposit contract or by practice of the depository institution, the depositor is permitted or authorized to make up to six transfers or withdrawals per month or statement cycle of at least four weeks."

As signed into law as part of this act in 1933:

"In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt them from such registration. Regulation D (or Reg D) contains the rules providing exemptions from the registration requirements, allowing some companies to offer and sell their securities without having to register the securities with the SEC"

Jeff
If you can't learn to do it well, learn to enjoy doing it badly.
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04-03-2010 06:14 PM  10 years ago
SSN Pru

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got another letter today. They said if it happened again the bank was going to change the account to a non-interest bearing account. I say go for it. My savings account must have an interest rate like .01%!Stupidity can be cured. Ignorance is for life!
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04-04-2010 02:46 PM  10 years ago
Carey

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Good post Jeff, guess I will save my tinfoil hat for more pressing issues.

Going to have to agree with the regulation of the banking/finance industry. That Credit Default Swap 'great idea' seems to have been the big problem with that housing crash cause just the raw value of the mortgages couldn't have caused close to that kind of damage.

I am a computer nerd though, so I will let the finance nerds correct me where I am wrong. Making side bets on mortgages sure sounds like a way to bork things up even worse to me though.
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