This was sent to me from Wells Fargo Bank.I had know idea that this was taking place,much less that it is legal!! What the Hell is this Obama Administration Gonna Do Next!! This has got to be a violation of our Constitutional Rights!!!! Just the thought of this PISSED ME OFF !!!!!!!! Savings Transfer Limits We want to make sure you understand an existing federal rule (Regulation D) limiting certain types of transfers from your savings account to a total of six (6) per monthly statement period*. To help you stay within the limit, please keep in mind the following: The limit of six (6) transfers per monthly statement period from your savings account includes transfers through the following: Online, Mobile, and Text Banking Phone transfers - Using Wells Fargos automated banking service or speaking with a banker on the phone Overdraft Protection - Transfers to a checking account for overdraft coverage also counts Third-party payments - Includes checks, wires, and ACH transfers (recurring and one-time) There are no limits on the number of transfers or withdrawals made in person at ATMs or Wells Fargo banking locations or on any type of deposit. If the six (6) transfers per monthly statement period are exceeded, an excess activity fee (currently $15) will be assessed for transactions that exceed the limit. If the limit is exceeded on more than an occasional basis, the savings account must be converted to a checking account (which doesnt have any transaction limits) or closed. Beginning December 11, 2013 If the federal transfer limit of six (6) is reached or exceeded, additional transfers from savings accounts through online banking (including mobile and text) or the telephone may be declined for the remainder of the monthly statement period. We are taking this step to help our customers stay within the federal limit. Easy ways to stay within the transfer limit: Keep track of your transfers (especially recurring transfers) Make transfers in person at an ATM or a Wells Fargo banking location
Posted on: Fri, 25 Oct 2013 16:52:12 +0000
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