Ever hear of "Regulation D"? Well, apparently it limits you to 6 account transfers per month. My salary goes to my savings account, then I split it up with some automated transfers I have setup to other sub-accounts at the same bank for checking, HSA and one other. I received notification today that my "normally" scheduled transfers did not take place and cannot unless I physically go into the bank and tell them to do it. Keep in mind that this is a process that was setup while I was at my bank in person over a year ago and has worked flawlessly until today.

I’m sure that for small monthly fee they can accommodate you.

No reason to hate your bank...hate your congressman instead.

Visit a branch in person for your transfer if you have exceeded your monthly limit of 6. At my bank, in person transfers from money market accounts are unlimited.

Stop using your savings like a checking And you'll be fine...

Would the easy work around be to either A) dump your pay into a checking account or 2) transfer enough money out of the current account to make two transfers from another?

You're right, it's your money. The challenge you are faced with are their rules. Use the rules to your advantage.

Yeah, you just need to stuff it into your checking account first.

Yeah, you're doing it backwards... My paychecks go directly into checking, and I have several automated transfers to other accounts from there, including my savings account. No limits on transfers from checking accounts, and it sounds like you already have a checking account already anyway.

I have at least a dozen sub accounts that feed from my checking account. To clarify, I use Quicken to manage these sub accounts while all the money resides in my checking account. When I get paid, I just invoke a memorized transaction that splits the income into the proper accounts. I have a report that balances back to the bank to insure I am balanced daily.

Easy and informative.

By the way, as a retired, career banker, we did not institute any regulations. The government came up with the rules we must play by.

As RogueJSK said - - You are doing it backwards.

Mike

quote:

Originally posted by smschulz:
Yeah, you just need to stuff it into your checking account first.

Works for me too, with Direct deposit into checking, then auto transfer to Money market.

CC payments I make to a Credit Union employee via phone.

As others have said put it into checking and move it from there. I have auto transfers and have no issues but all my auto transfers come from a checking account.

quote:

By the way, as a retired, career banker, we did not institute any regulations. The government came up with the rules we must play by.

As RogueJSK said - - You are doing it backwards.

^^^^^^^^^^^^^^^^^^^^
Correct. However banks are rather adept at adding charges onto accounts. I owned stock for a time in a local bank and was shocked to see the amount collected for returned checks. The figure approached high six figures for the Quarter. Nice profit there.

there are some that pay all bills w/ money orders,

they keep $90.00 in the acct to cash checks, and the rest is kept elewhere

quote:

Ever hear of "Regulation D"?

Yes, I was made aware. One of the banks I use eliminated my grandfathered e-checking, replacing it with an account which requires $1,500 to avoid fees. I transferred to their savings account, with only a $500 minimum balance. It concerned me in the beginning but am careful with transfers out. The account has mostly only one purpose so it is not hard to manage.

Another career banker here. Yeah it’s not the bank it’s the .gov and your money management habits

I split my paycheck to direct deposit into separate accounts at separate institutions. See if payroll can do this and avoid the transfers?

As an aside to this discussion, I'd suggest everyone rethink their position on banks. If you don't like the service you're getting where you are now, go shopping. There's a lot of competition between small, medium, and large banks for your business. I have several accounts in a couple different banks and pay no fees or am saddled with compensating balances. I view banks the same way I view auto insurance companies...if you can deliver the service(s) I'm looking for at a better cost to me, I'm in.

quote:

Originally posted by detroit192:
I split my paycheck to direct deposit into separate accounts at separate institutions. See if payroll can do this and avoid the transfers?

+1, that is what I do as well.

I also have an amount that is approximately the monthly amount of items I pay either quarterly, semi-annually, or annually transferred to my savings account at the bank as part of the monthly process. Right now, my paycheck hasn't been deposited, but the amount I have held has already been put into my savings.

I agree that you shouldn't use your savings account for the main deposit - use it for items over the amount you use on a normal monthly basis. If you ever need a wire transfer, it should go into your checking, not savings. This limits external release of the savings account number. I believe transfers from the checking to the savings do not have the number of transactions limit that you would see in the reverse.

Don't blame the banks...

Who do you think writes the bills for the congresscritters?

Sheila Jackson Lee? Hank Johnson? Nancy Pelosi?

Most of them don't understand the words, much less know how to use them in a sentence.

I got used to all of the ridiculous banking rules and to me it was just the way it was. What really reopened my eyes was:

living in Alaska, and trying to wire transfer money to eastern time zone. Banking laws dictate what hours banks can be open and what hours (i.e. eastern time) wire transfers can occur. It's a double whammy in Alaska as opening is 1 PM eastern time leaving a narrow window.

living in Can-eh-duh. I needed some cash on a Sunday so I stopped at the ATM at the entrance to my bank. I noticed several people walk past me and when I finished my transaction I was utterly shocked the branch was open on a Sunday. Pretty pathetic when socialist Can-eh-duh allows something and the US doesn't.

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Ego is the anesthesia that deadens the pain of stupidity

DISCLAIMER: These are the author's own personal views and do not represent the views of the author's employer.