Comments on: Suspicious Bank Fee on Your Statement? It Might be the Elusive Regulation D Savings Account Fee http://genxfinance.com/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/ Helping a unique generation achieve financial independence. Fri, 18 May 2012 12:26:36 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: RonF http://genxfinance.com/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-404386 RonF Sat, 01 Oct 2011 17:08:58 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-404386 Who gets the fees that are charged when one has more than the number of permitted transfers in a month? Govt. or Bank? Is the fee charged set by the Govt. or by each bank? My bank said they cannot waive the fee. If Bank passes the fee to the Fed, then I understand their position, but if the Bank keeps the fee as income then they could elect to waive if they choose to do so in some instances. Who gets the fees that are charged when one has more than the number of permitted transfers in a month? Govt. or Bank? Is the fee charged set by the Govt. or by each bank? My bank said they cannot waive the fee. If Bank passes the fee to the Fed, then I understand their position, but if the Bank keeps the fee as income then they could elect to waive if they choose to do so in some instances.

]]> By: Ty http://genxfinance.com/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/comment-page-1/#comment-210897 Ty Fri, 11 Feb 2011 22:31:04 +0000 http://genxfinance.com/2008/01/23/suspicious-bank-fee-on-your-statement-it-might-be-the-elusive-regulation-d-savings-account-fee/#comment-210897 I opened a US bank account 3 months ago, I asked specifically are there any charges or fees to transfer money from my checking account to my savings account or vise versa.. Lady said "Nope" I then was hit with Reg D charges a few months later. I went in, and the excuse was, well "its your responsibilty to read the brochure you were given." To which I replied I asked specifically about this to the rep who signed me up. The teller said well that rep probably just didn't know. So i said well isn't that the same thing as a verbal contract? They said well we can't reverse reg d charges. I then asked to close my account since I knew this type of shit would happen again, with less then 20 bucks now available for balance. BUT since my account was under 180 days old I wasn't able to unless I felt like paying 5 bucks. I opened a US bank account 3 months ago, I asked specifically are there any charges or fees to transfer money from my checking account to my savings account or vise versa..
Lady said “Nope”
I then was hit with Reg D charges a few months later.
I went in, and the excuse was, well “its your responsibilty to read the brochure you were given.”
To which I replied I asked specifically about this to the rep who signed me up. The teller said well that rep probably just didn’t know.
So i said well isn’t that the same thing as a verbal contract?
They said well we can’t reverse reg d charges.
I then asked to close my account since I knew this type of shit would happen again, with less then 20 bucks now available for balance. BUT since my account was under 180 days old I wasn’t able to unless I felt like paying 5 bucks.

]]> By: Sandaili http://genxfinance.com/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/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/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/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: http://themoneykings.com/blog/comparison_of_high_interest_savings_account_rates 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/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/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/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/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.

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