I just was informed that there is a limit on ALL savings accounts limiting to 5 electronic/phone transfers per billing cycle. There is a 10 fee for having more than the 5 in a single billing cycle. You can do whatever you like with a checking account but not a savings.
It seems that they want you to put the money in the checking and lose out on interest unless you want to do a lot of physical transfers at an ATM or at a bank window!
I was told that this is a Federal law since 911 but I am sure that if I wanted to do something illegal I would find a way. This is just another one of those laws that will keep the honest paying more and dishonest finding another way to do what they want. Sounds like politics to me!!
I will answer any questions next time I talk to you.
Just pissed me off and I needed to vent and share.
Hope you are having a good day. Talk to you next time.