Today, I received a letter from Wachovia, my bank. In this letter, Wachovia claimed to be “committed to meeting [my] needs” by telling me how to handle my money. More specifically, they told me that I was exceeding the number of times I could transfer money from my savings account into my checking account. Furthermore, if I have the nerve to do what I want with my money once more, they will kick the money in my savings account into my checking account and shut down the savings account.
Oh no! I might lose the one percent or so of internet I earn on it! Oh no, I will have pissed off one more bank because they won’t let me control _my_ money! Oh no!
Looks like I will just accelerate my planned transition to do all of my banking with ING, which has a checking account that earns 4+ percent.
the maximum # of transactions on a savings account is federal law, your bank can’t do anything about it. … you would need to write your congressman instead of flaming your financial institution. …
Yeah, financial institutions have nothing to do with setting or influencing regulations.