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+--- Thread: Savings Account Info. May help you keep out of trouble (/showthread.php?tid=434906)
Savings Account Info. May help you keep out of trouble - Santaaa - 08-05-2008
I am just sticking up a warning. Apparently there is a law that states you can not have more than 6 electronic transfers per month from your savings account. Otherwise your account legally has to be changed over to a non interest savings account. It can not be changed back ever. You have to open a new savings account. Transfer all funds from old to new and start over like it is a brand new bank. So my online banking transfers from my savings to my sharebuilder.com stock portfolio account messed me up because I tried to invest to much money to quickly I lost my account and have a no interest savings account. I opened a new account over the phone at 2 am to fix it and have it set up to transfer all the money as soon as the new account opens. If you invest make sure you fund it from your checking account which is unlimited electronic transfers but savings accounts is limit of 6. Electronic transfers are online transfers but do not include bank or ATM.
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Re: [Santaaa] Savings Account Info. May help you keep out of trouble - wiperhunter2 - 08-06-2008
I'm a member of a credit union and they have a similar policy but I can only make 5 transfers per month on line. There is no limit if I go down to the C/U. They never said that the account will change to a non-interest savings, just that they will block me from making more than five per month. You have brought up a good point though,
even though I will make less interest by having my money deposited in my checking account, it will require fewer transfers per month. Thanks for the idea. WH2
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