Can my bank cancel an online transfer from my savings account to my checking account? My checking account was about to be overdrawn, so I transferred $65.00 from my savings to checking to cover it. The next day my bank canceled the deposit and charged me fees to do the transfer themselves and added overdraft fees. I called the bank the next day and the agent apologized, canceled the fees, and put things back to where my accounts should be. The following day the bank cancelled the transfers the agent did and added even more fees to both my savings and checking account. Is this legal?
Have you asked the bank why it canceled the transfers? Try to get a complete explanation of why the transfers were reversed and why the fees were imposed.
Ask whether a limit on the number of transfers per month was reached or exceeded. Transfers to cover an overdraft in another account are counted toward a monthly regulatory limit of six transfers per month. The bank may have a lower limit. It is unusual for a bank to cancel transfers when the monthly limit is reached, but such an action would be permissible.
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Have you asked the bank why it canceled the transfers? Try to get a complete explanation of why the transfers were reversed and why the fees were imposed. 