The Feds Got Me

[Mcwsky09]

That's crazy - I don't see anywhere in the Federal Reg - https://www.ussfcu.org/limit.php - which requires that you bank charge you a fee - though I would guess that if you did up the 10 page document listing all the ways your bank is legally permitted to screw up that you will find it in there somewhere.

I have the opposite problem with a couple of accounts - there is a minimum number of required transactions in order to avoid a monthly fee - which doesn't make any sense to me - how can it possibly cost the bank money they need to charge me for not doing anything all month? (I strongly suspect that it is because the more active you account the more likely you are to make a mistake that costs you a late fee or overcommit fee etc - and in months were you have no transactions you can't make any mistakes - so they have to come up with a way to balance that out).

 

[the ringo kid]

Once I had a paypal account.I think I used it a handfull of times. Been well over a year since. They better not be taking anything from anyhting. I usually get around all BS by contacting seller and just sending them a money order.Th' heck w/ ebay and its rules.

 

[RonJ]

Call your bank. Tell them what happened. Beg forgiveness. If that doesn't work just say I know it was my fault but I really can't afford this. Tell them you will have to close your savings account to avoid any other charges.

This always works for me when I screw up. Get those charges reversed. Be very apologetic and ask politely.

My wife went to our local branch. Since we were a zero problems" customer they cut our charges down to $65.00 from $135.00.

 

[RonJ]

From US Banks pamphlet......
Federal regulation D limits certain types of withdrawals and transfers made from a savings or money market account to a combined total of six per account cycle. ........
Withdrawals and or transfers exceeding the six per account cycle allowance will result in a $15.00 excessive withdrawal fee per transaction.

 

[kozmic]

My son got hate mail from the bank I have many, many accounts with. He had the 'nerve" to use his bank saving account to pay for his college books, ridiculous college fees and his meal plan. In doing so he exceeding his "monthly allotment" of 6 transactions the government set on such accounts.

Further comment on this lunacy will set off alarms and bells at the home office and will be followed by a barrage of dings. An extended forum vacation will no doubt follow.

 

[JSR III]

I opened an account with Santander Bank which has the reverse fee setup. If I don't use the account at least three times per month I receive a $15.00 fee. I forgot about it shortly after I opened the account and since I don't typically look and the monthly statements, I got whacked about six times before I woke up and started using the card.

I remember the guy at the bank telling me to buy a pack of gum or something 3 times a month and I wouldn't get the fee. My bad.

Now I use it at the local Dunkin Donuts every morning for my coffee instead of buying one of their cards and loading it every so often. It seems crazy that using the card eliminates fees but using it is free. I guess that the bank gets a piece from the retailer and that it how they earn their bucks.

 

[chaparrito]

Confused. My bank has a limit on transfers from straight savings account. 6 per month. If I do more, eventually they'll convert it to a checking acct. What do the feds have to do with your "fine"?

 

[italiansport]

My credit rating took a hit down to 760 awhile ago and the reason given was I didn't have ENOUGH credit cards. It's since gone back up to 810 but I don't know why.
Jim

 

[chaparrito]

I see it. The scary "Regulation D".

 

[imashooter2]

I did the same thing, except I'll transfer the exact amount of the transaction from another account before I use Paypal to pay, that way I get around the credit card charge.

Paying is free for me. The seller pays the fees. When I sell something, I figure the PayPal fees into the asking price. What you're doing sounds like a lot of trouble for a gain that I don't see...