I Get Mad, and Get Even
The Mad Part
Last week I got a letter from my bank. They charged me $10.00 for making “too many” online transfers from my savings account to my checking account.
This made me mad. So I sent them an email to that effect. Polite, but still getting the point across. In their response they said that the rule is 6 transfers within a statement period, than after that I have to cough up $10 to get my OWN money.
This is crazy. Online banking doesn’t cost them much, if anything. They told me that if I go into the bank, I can make 6 billion transfers if I want to, without being charged a thing. This would cost the bank a lot, though, because I’d actually be taking up a real, wage-earning person’s time. Far be it for me to criticize a bank’s business acumen. I will go ahead and do it nevertheless. THAT IS BAD BUSINESS!
I already knew I was smarter and better at handling money than a failed bank (Washington Mutual…..) that got taken over by a bigger bank (….is Now Becoming Chase!). But it’s nice to have confirmation of the fact.
The I-Get-Even Part
So I said I was closing my savings account and checking account and taking my business elsewhere. Eh. They didn’t care. They even provided detailed instructions on how to go about closing my account. That’s a good sign that this relationship has failed - they clearly want me gone. I will go.
Being lazy, I haven’t done it yet. And there are (minor) complications like direct deposit, and trying to find the time to get my husband in on the act, because he is on the accounts, too. But it’s just a matter of time. Washington Mutual, or Chase, or WHATEVER you are…you won’t have me to kick around much longer! Enjoy my $10. I hope it was worth it.
July 10th, 2009 at 12:31 pm
Hey Tessie, after I read your blog I decided to check with my credit union about transfers from savings to checking. I was amazed to learn that the 6 maximum that your bank put on the online transfers is a Federal regulation. Who knew. If we go into the bank or credit union and sign for it we can transfer all we want. The good thing about my credit union is that they will not allow any more than 6 instead of charging for it. Thanks for the info which prompted me to check it out! Julie
July 11th, 2009 at 2:29 pm
Oh, wow, now I have to figure out a way to get even with the Feds! No. So not worth it.
That is very interesting info, Julie. It sounds like my bank is using this law(?) to their advantage to make money, though, so I guess I can still feel ok about getting mad and getting even.
I wonder what the point of the regulation is? I don’t get it. Actually, I REALLY don’t get it because they still went ahead and allowed the transfer, at a ridiculous cost of $10. Your Credit Union’s approach makes more sense.
You know, it would be nice if they would warn you about the $10 before you make that fatal seventh transfer so you can decide if it’s worth it or not. Also, I’m pretty sure that there have been other months when I’ve made more than six transfers, but this is the first time I’ve ever been hit with a fee.
I think you’re on to something going with a credit union. They seem to be more friendly! But sometimes they have inconvenient hours and locations. Hmmmm. What to do?!