Tuesday, October 10, 2006

Wanna see somethin' crazy? Yeah? Okay, check this out:



Yeah, so let's just say that last Friday was somewhat of can only be called a bad day. Apparently there's a Federal Regulation (descrpitively named 'D' ). Well, Reg. D states that one must only make a maximum of 6 transfers, either to or form, one's savings account within any given four-week span ONLINE. That's right, one can make UNLIMITED transfers via atm, teller, or automated phone, but ONLY SIX ONLINE per 4 week period. If you make six in one week, well, you better not do anything online for another month.

If one were to, say, I dunno, make more than one's allotment, what would happen? Well, the bank *might* get a warning from their auditor. Or the bank *might* be forced to increase their reserves. So... let's charge 60 dollars AND make a person close their account (Oh! and place a 100,000 dollar hold on the account - just in case!). Wouldn't want to, I dunno, WARN someone that this could happen...

Well, consider yourselves all warned. lol

posted by _paul @ 8:52:00 PM

3 Comments:

At Wednesday, October 11, 2006 10:05:00 AM, Anonymous Anonymous said...

Reg D is designed to keep people from using the internet as a means of boosting their interest rates. You could, theoretically, get online every day and move your $1000 in savings around to different savings accounts, boosting your perceived monthly average, and collecting interest on that money illegally. It is virtually impossible to do this with much success if you go to the ATM or teller every day. Very few people would be able to do this often enough to make much money. It is too inconvenient. Thus, this law was made.

That said, legally they HAVE to send you a warning before they do what they did. If they did not send you a warning, then they can not legally charge you fees, though they can probably close your account if they want to. I am not sure on that. The fees, though, cannot be charged if they did not warn you that this was happening. So if you are sure they did not send a warning and it is not sitting around unopened on the floor somewhere, you have grounds to ask for the fees back.

--Shane

 
At Wednesday, October 11, 2006 8:30:00 PM, Anonymous Anonymous said...

I just hope we get to pay the bank $100,000 because really? $90 just wasn't enough for me. I would also like to give them my car, blood, and sacrafice my cat to them.

 
At Saturday, October 14, 2006 8:48:00 AM, Anonymous Anonymous said...

"So I said, 'Johnny, whatcha doin tonight'/He looked at me with a face full of fright/And I said, 'How 'bout a revolution?" and he said, "Right!"

O.A.R., "That was a crazy game of poker"

--John (no relation to the "Johnny" in the song)

 

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