Budget Freak

A friend of mine recently complained because she received a $25 service charge from her bank for transferring money from her savings account to her checking account. Not many people know, but you are limited to 6 electronic withdrawals from a savings account per month. This is Federal Regulation D, not just a limit imposed by your bank. Transactions that count against the limit include Internet and telephone transfers. You can still use an ATM, go into a branch, or transfer money by mail as much as you want. Those transfers won’t count against your limit.

I hadn’t heard of these regulations either, until a few months ago. This is not something the banks do a good job of letting customers know about. I’ve had to be especially careful when shuffling money around between my different accounts to avoid penalties myself. Consider yourself warned!!!

My Mint has a couple other banking regulations you should know about, including Check 21 and reporting bank errors.

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