I have been angered. Angered by the all mighty government, again. This time they're screwing with my banking. Can there be many other things more private, personal and important to us than our finances?
I received an email from my online bank (no need to name the bank, they are just following the law). They told me that I transferred money (which counts as a withdrawal) from one of my savings accounts to my other account more than 6 times last month. This violates federal law. Um, what? There's a federal law that states that I can't move my money around my accounts more than 6 times in a month?
Here it is:
Under Regulation D, 12 CFR 204.2(d)(2), the term “savings deposit” includes a deposit or an account that meets the requirements of Sec. 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 Sec. 204.2(d)(2)) to reclassify or close the account.
This bank does not pay me enough in interest ( 0.9%) to make me put up with this. I will be (slowly) taking my money out of my savings accounts and putting it elsewhere. Gold coins? Silver coins? Heck, hiding it under my bed would probably be better than the savings account.
I call this one a definite Liberty violation!
