I recently deposited a $7959.00 check at my bank and they told me new regulations require that I deposit it into savings if it is over a certain amount. Can they make me deposit my money into savings instead of checking?
There were regulatory changes that make banks provide faster access to funds deposited by check into checking accounts, if the deposited checks are drawn on distant banks. Those changes may have caused the bank to try to require that larger checks be deposited to savings accounts (where the regulation doesn't limit the duration of deposit holds), but the regulation itself didn't make that requirement. In short, it is a bank policy or practice, not a regulatory requirement.
The bank probably can require you to deposit your check into your savings account since they could refuse to accept the check for deposit altogether. However, you also have a choice about where you bank, and your current bank doesn't seem to be making much of an effort to keep your business.
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There were regulatory changes that make banks provide faster access to funds deposited by check into checking accounts, if the deposited checks are drawn on distant banks. Those changes may have caused the bank to try to require that larger checks be deposited to savings accounts (where the regulation doesn't limit the duration of deposit holds), but the regulation itself didn't make that requirement. In short, it is a bank policy or practice, not a regulatory requirement.