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Savings Acct Transaction Limitation
 

So another day - another problem - oh joy.

I get a notice from my bank today that I have exceeded the number of transfers allowed in 2 of my savings accounts. These are linked to my PP so of course any time the PP runs low they debit the savings acct automatically. They say this is a law set by the federal reserve that you are only allowed 6 electronic transfers a month in a savings account.

Anybody run into this and know a way around it. The bank says it wouldnt be an issue if I convert these into checking accts - but of course they want a minimum balance of $500 in checking accts or else they hit you up with fees.

Look at the bold type.

Redo how paypal can touch your bank accounts.

It is a federally regulated thing...banks have no control over it. NOT federal reserve but a law by the US Treasury. It is because savings accts gain higher interest rates so you can only have 6 WITHDRAWALS of any type per billing cycle. DEPOSITS are unlimited. Convert to checking acct and you wont have to worry about it...I would never link any of my savings accts to paypal. Thats just me.