Why can't my own savings account be the source of my overdraft protection? Why did the federal government impose the six transaction rule on savings accounts?
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The Federal Reserve System is responsible for managing the country's money supply in order to foster economic growth while controlling inflation. Part of the management strategy requires separating parts of the money supply meant for spending (checking and NOW accounts plus cash in circulation) from money meant for savings and investment (savings accounts, money market accounts, CDs, etc.). The transaction limits on savings accounts are designed to make savings funds a little harder to spend than checking funds.
It's actually quite common for banks to offer account transfers (from savings or other accounts) as a form of overdraft protection. However, to do so without leaving in place the transaction limits on savings accounts would simply make the savings account into checking funds, defeating the goals of money supply management. Another concern is that allowing unrestricted use of savings funds to cover overdrafts would promote poor checking account management.
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The Federal Reserve System is responsible for managing the country's money supply in order to foster economic growth while controlling inflation. Part of the management strategy requires separating parts of the money supply meant for spending (