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  1. #1
    Join Date
    Dec 2011
    Posts
    5

    New Rule on Maintenance Fee by American Banks

    According to my banking representantive, a new rule was passed this year that allows banks to charge a fee for tranfers (from) your Savings Account (to) your Checking Account. I was told it was because a Savings Account is intended to be used for Savings, and not other uses. The new rule allows banking customers to make up to 6 transfers each month from their savings account to their checking account. So, say you have direct deposit going into your savings account, you can make only 6 transfers to your checking account for transactions such as Bill-Pay, etc. The maintenance fee I was charged this month was $36.00 because I went over the 6 transfer limit. I was told that ALL BANKS have the same policy, so watch your transfers! The banks are going to reel in a whole lot of money from this one; and it will be an ongoing source of money for the banks as new customers sign-up and are not made aware of the rule UP FRONT. This one will likely be found in the small print because of the huge amount of money that it will (most likely) draw. Thirty-Six Dollar Maintenance Fee - Ouch!!

  2. #2
    Join Date
    Jul 2006
    Posts
    7,767

    Re: New Rule on Maintenance Fee by American Banks

    i don't think that is a new rule. i think it is old. there is no reason for anybody to be transferrring more than 6 times a month from a savings account.

  3. #3
    Join Date
    Dec 2011
    Posts
    5

    Re: New Rule on Maintenance Fee by American Banks

    One good reason is to help keep your savings account record out of view from the hackers. Move money from your savings account to your checking account for only the amount needed. So, lets say you have $100,000 in your savings account. You want to buy a piece of merchandise for $100. So, you transfer the amount needed to your checking account, and use your checking account number/debit card number for the purchase. This way you don't have to expose your savings account number to the hackers in the event you accidentally make a mistake in not having a secure connection. Why give out bank information you don't have to?

  4. #4
    Join Date
    Jul 2006
    Posts
    7,767

    Re: New Rule on Maintenance Fee by American Banks

    i use a credit card. pay once a month. that's one move from savings to checking. some of my credit cards also allow virtual numbers, that are good only for one transaction. my credit cards also offer cash back. discover and chase will both pay me 5% of gasoline purchases during 1st 3 months of 2012. that will be more money than i make on my savings account.

    the idea of paypal is, only paypal has access to your account and people/companies you buy from never have your account information.

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