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A Limit on Withdrawals from your Savings Account?

 
BunnyGirl
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User ID: 12586098
United States
07/25/2012 05:25 PM
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A Limit on Withdrawals from your Savings Account?
Just got a letter from the bank - apparently my son exceeded his limit on withdrawals from his savings account this month, per Federal Reserve Board Regulation D.

WTH???? So I looked it up and apparently there is a rule about this. Who knew??

But even more interesting - according to wikipedia - this one BLEW MY MIND -

If a Bank holds $1,000 in a consumer's savings account, it is not required to hold any of that back in reserve and may lend out the entire amount, as the reserve requirement on a savings account is 0%. Whereas on checking accounts (known as transaction accounts), the Bank must retain an amount equivalent to 10% of the balance on hand (in the case of the $1000 figure, then, they must retain and not lend out at least $100 of that amount), with the general understanding that on transaction accounts there will be more frequent drawing of funds and hence the need for a reserve. To maintain the "saving deposit" designation and avoid issues with appropriate reserves requirements, the 6 transfer limit applied to Savings Accounts - imperfect arrangement as it is,and avoidable by merely using an ATM transfer - serves to try to limit the transactions that would otherwise traditionally fall into the category of a "transaction account", as is typical of a Checking Account.

Who's brave enough to go down the rabbit hole? The federal system is UNBELIEVABLE - how did we get here?????
sunspotkiller

User ID: 1332188
United States
07/25/2012 05:35 PM

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Re: A Limit on Withdrawals from your Savings Account?
Banks are EVIL
sunspotkiller

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Sickandtired
User ID: 17058124
United States
07/25/2012 05:42 PM
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Re: A Limit on Withdrawals from your Savings Account?
Banks are EVIL
 Quoting: sunspotkiller


That is how it has been for years, if your son went to the bank and moved the money, it wouldn't be a problem, it is just for electronic transactions, just have him transfer the money at an ATM. This is nothing new.

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