Comments on: Suspicious Bank Fee on Your Statement? It Might be the Elusive Regulation D Savings Account Fee http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/?utm_source=rss&utm_medium=rss&utm_campaign=suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee Helping a unique generation achieve financial independence. Sat, 04 Sep 2010 04:30:59 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Sandaili http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-123559 Sandaili Sat, 26 Dec 2009 23:13:01 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-123559 This is bullshit. If there is a regulation, there should be NO transactions available after the 6. Then again, Regulation D is just a regulation made so banks can profit off of the mistakes of people. Think about it. Why can't there by more than 6 online or by phone, yet in person it's fine? It's to siphon money off the people. This is bullshit. If there is a regulation, there should be NO transactions available after the 6. Then again, Regulation D is just a regulation made so banks can profit off of the mistakes of people. Think about it. Why can’t there by more than 6 online or by phone, yet in person it’s fine? It’s to siphon money off the people.

]]> By: referro http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-122585 referro Wed, 21 Oct 2009 19:44:38 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-122585 Time to end the FED. Time to end the FED.

]]> By: Timoteo http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-121303 Timoteo Thu, 30 Jul 2009 14:11:42 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-121303 Regulation D mentions nothing about a fee. These fees were dreamed up by the banking industry's think tank. I used to work for a bank and our managment team had the collective IQ of a hampster! Regulation D simply limits your transactions and requires the customer to be notified that no more transactions will be authorized. It's the banking industry who decided to allow the transactions to continue beyond the limit but each activity would be fee based. Give us a break, its hard enough to try and manage your money in these tough economic times without your bank sitting there with their calculators and clip boards. If you contact your bank the cleverlyl hide behind their "Regulation D requires it" when in fact Regulation D simply puts a limit on the transactions. Banks are the ones that dreamed up the fee part of it. Regulation D mentions nothing about a fee. These fees were dreamed up by the banking industry’s think tank. I used to work for a bank and our managment team had the collective IQ of a hampster! Regulation D simply limits your transactions and requires the customer to be notified that no more transactions will be authorized. It’s the banking industry who decided to allow the transactions to continue beyond the limit but each activity would be fee based. Give us a break, its hard enough to try and manage your money in these tough economic times without your bank sitting there with their calculators and clip boards. If you contact your bank the cleverlyl hide behind their “Regulation D requires it” when in fact Regulation D simply puts a limit on the transactions. Banks are the ones that dreamed up the fee part of it.

]]> By: Tim http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-53982 Tim Sun, 27 Jan 2008 00:30:12 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-53982 I use my savings account to hold my emergency fund and rarely do any withdrawals. At most I have 2 or 3 deposits into it per month. I currently have it with HSBC Direct. I've been using HSBC Direct for over a year. Started off getting 5.05%, and now with the rate cuts I'm at 4.25%. I just did a reality check to ensure I'm still getting a good rate and for the most part I am. I posted the sites I looked at here: <a href="http://themoneykings.com/blog/comparison_of_high_interest_savings_account_rates">http://themoneykings.com/blog/comparison_of_high_interest_savings_account_rates</a> I use my savings account to hold my emergency fund and rarely do any withdrawals. At most I have 2 or 3 deposits into it per month. I currently have it with HSBC Direct.

I’ve been using HSBC Direct for over a year. Started off getting 5.05%, and now with the rate cuts I’m at 4.25%. I just did a reality check to ensure I’m still getting a good rate and for the most part I am. I posted the sites I looked at here:
http://themoneykings.com/blog/comparison_of_high_interest_savings_account_rates

]]> By: Jeremy http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-53591 Jeremy Thu, 24 Jan 2008 19:45:58 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-53591 Yep, that's the problem. It is a federal regulation, so most banks feel they don't need to bother mentioning it since it isn't just an individual bank policy. Yep, that’s the problem. It is a federal regulation, so most banks feel they don’t need to bother mentioning it since it isn’t just an individual bank policy.

]]> By: Lily http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-53572 Lily Thu, 24 Jan 2008 18:51:29 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-53572 "The fee was a surprise." That's a serious problem. When I first heard about Reg D, I scoured my savings accounts documentation for any mention of Reg D or associated fees. I couldn't find anything! I'm glad this article is out there so people can know about Reg D, because banks aren't informing their customers. “The fee was a surprise.”

That’s a serious problem. When I first heard about Reg D, I scoured my savings accounts documentation for any mention of Reg D or associated fees. I couldn’t find anything!

I’m glad this article is out there so people can know about Reg D, because banks aren’t informing their customers.

]]> By: Jeremy http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-53544 Jeremy Thu, 24 Jan 2008 16:03:19 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-53544 Nickel, that's how I got into trouble before. I usually make a few online transfers to various banks/accounts throughout the month, but transfers from savings are usually just limited to a couple a month. But like you, I transferred some money, and then realized I transferred the wrong amount so I just immediately did another one. Then later in the month I forgot about it and one of my automated transfers went through and put me over the limit. The fee was a surprise, but thankfully the customer service people were very helpful and explained it to me, and waived the fee as a courtesy. Nickel, that’s how I got into trouble before. I usually make a few online transfers to various banks/accounts throughout the month, but transfers from savings are usually just limited to a couple a month. But like you, I transferred some money, and then realized I transferred the wrong amount so I just immediately did another one. Then later in the month I forgot about it and one of my automated transfers went through and put me over the limit.

The fee was a surprise, but thankfully the customer service people were very helpful and explained it to me, and waived the fee as a courtesy.

]]> By: Patrick http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-53519 Patrick Thu, 24 Jan 2008 13:45:24 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-53519 My Mom actually called me to ask me about this 2 days ago. I explained the situation so she plans on managing her money a little differently from now on. Thankfully, her bank sent her a warning letter, and didn't charge any fees right away. My Mom actually called me to ask me about this 2 days ago. I explained the situation so she plans on managing her money a little differently from now on. Thankfully, her bank sent her a warning letter, and didn’t charge any fees right away.

]]> By: fivecentnickel.com http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-53504 fivecentnickel.com Thu, 24 Jan 2008 12:42:11 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-53504 Doh! Just last night I made a savings-to-checking transfer, then though better of it and decided to transfer more. So I burned up two transfers for the price of one... :( Honestly, I never keep track of these things, but I probably should. Doh! Just last night I made a savings-to-checking transfer, then though better of it and decided to transfer more. So I burned up two transfers for the price of one… :(

Honestly, I never keep track of these things, but I probably should.

]]> By: Lily http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-53456 Lily Thu, 24 Jan 2008 04:56:07 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-53456 High yield checking accounts don't pay as much as high yield savings accounts. My workaround is to use my credit cards for automatic bill payments. I don't automate my credit card payments, since I want to actively check them for anomalies monthly anyway. Then I make a single transfer from savings to checking to cover all my credit card payments. It's a little work, but then I don't have to worry about surprise fees or penalties. High yield checking accounts don’t pay as much as high yield savings accounts. My workaround is to use my credit cards for automatic bill payments. I don’t automate my credit card payments, since I want to actively check them for anomalies monthly anyway. Then I make a single transfer from savings to checking to cover all my credit card payments. It’s a little work, but then I don’t have to worry about surprise fees or penalties.

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