Feds regulate your savings accounts

Imagine my surprise when I tried to transfer some savings to checking this morning and was told by the bank’s robot that I had already reached the federal limit of six transfers in one month.

Never heard of it? Neither did I. Invasion of the bureaucracy!

Via LifeHacker

2 responses to “Feds regulate your savings accounts

  1. It isn’t new. I ran across this stupid regulation years ago. Didn’t understand it then, and still don’t.

  2. Found out it’s not applicable to in-person transfers and withdrawals, only those by electronic means. Something about kidnappers not being able to withdraw money from your account. Bizarre.