…you transfer money from your savings or money market to another account more than six times a month! Obviously you’re sending money to terrorists! (You couldn’t possibly be covering the stress-induced shopping spree you went on last week.)
I just got charged $10 for transferring money from my savings account to my checking account. MY MONEY, MY BANK ACCOUNTS!!!!!!
Why is this even a regulation??? What right does the government have to monitor or tell me how to manage (or mismanage) my own money! Further… there’s nothing in the regulation about a fee! The regulation says that if I make more that 6 withdrawals in a month the bank has to change my account from a savings to a checking account — not that they have to fine me! So, basically, I’m getting charged for the monitoring services that the bank is providing for the fucked-up, right-wing, shit-eating federal reserve board (who are actually fronting for the grossly unconstitutional Partriot Act and Department of Homeland Security)! My ten bucks will probably pay for two links in the damn border patrol fence.
(b) Background. Under Regulation D, 12 CFR 204.2(d)(2), the term “savings deposit” includes a deposit or an account that meets the requirements of §204.2(d)(1) and from which, under the terms of the deposit contract or by practice of the depository institution, the depositor is permitted or authorized to make up to six transfers or withdrawals per month or statement cycle of at least four weeks. The depository institution may authorize up to three of these six transfers to be made by check, draft, debit card, or similar order drawn by the depositor and payable to third parties. If more than six transfers (or more than three third party transfers by check, etc.) are permitted or authorized per month or statement cycle, the depository institution may not classify the account as a savings deposit. If the depositor, during the period, makes more than six transfers or withdrawals (or more than three third party transfers by check, etc.), the depository institution may, depending upon the facts and circumstances, be required by Regulation D (Footnote 5 at §204.2(d)(2)) to reclassify or close the account. (Link)
It seems I’m not the only one unhappy about this… Federal Reserve Board Regulation D: Is it really protecting America?
Write your congress people about this. How can we purport to be a free country when we can’t even move our own money around within our own bank accounts!
