Wednesday, December 29, 2010

The Federal Government has mandates regarding what...with our savings accounts??

Seriously?? I am not sure if I am more angry, surprised, or a combination of the two right now.
This morning I went to make an online transfer of funds out of MY savings account, when to my surprise I was greeted with this message from Wells Fargo:
Excess Activity Fees may apply to your savings account if you exceed the federally-mandated, combined total limit of six (6) per month of the following types of transfers and/or withdrawals:

•Transfers via Online Banking (including Bill Pay)
•Transfers made by telephone
•Automatic transfers for Overdraft coverage to your checking account
•Pre-authorized transfers and withdrawals (including automatic and wire transfers)
•Checks, drafts, or other similar withdrawals payable to third parties
•Check Card or ATM Card purchases that post to your savings account
There are no limits on the number of ATM or in-branch withdrawals or transfers. For more information, please refer to your Account Agreement
Okay, the highlight is mine, it is what is really bothering me. Savings accounts are not free, when they are free they come with stipulations - a minimum transfer amount from a checking account each month, a minimum balance, etc. As if that was not enough, now there are federal mandates saying what we can and cannot do with our own money, unless of course we want to incur a fee -- nice way for Obama to get back a little of the billions he wasted?!?
In most months, I do not transfer or withdraw from my savings six times. This month I guess I did, or I would have never known about this. I am seriously upset that the government feels like it is their responsibility to mandate how many times I want to transfer money out of a savings account...
What do you think??

1 comment:

  1. Wow, I think that's awful - this is what happens when the government gets their hands into industries that should remain private, like banking! That makes me upset too!


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