I have a question about Federal Regulation D. I have three transfers a month done from my regular savings account to my grandchildren's trust accounts. I also had to tranfer money from my savings to checking to cover unexpected bills. As a result I went over the six transactions allowed. These transfers were all within the same bank. I was charged a hefty fee for the three transactions over the six. Who sets the fee that is charged for the additional transfers? I was also told by the bank that if I had gone to a teller and withdrawn the money from my savings and then deposited it into my checking that the transactions would not have counted toward the six I'm allowed. Is this true?
Unless there is a state law setting fee maximums for state banks, the setting of the fee amount is left to the bank. Banks normally make their fee schedules available to their customers. The bank is correct when it says that transactions made "in person" need not be counted toward monthly limits.
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Unless there is a state law setting fee maximums for state banks, the setting of the fee amount is left to the bank. Banks normally make their fee schedules available to their customers. The bank is correct when it says that transactions made "in person" need not be counted toward monthly limits.
