Feds regulate your savings accounts

Posted on July 30, 2019 | 2 Comments

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

This entry was posted in Bureaucracy, The Economy and tagged , . Bookmark the permalink.

2 responses to “Feds regulate your savings accounts”

  1. jdallen | July 31, 2019 at 8:53 am |

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

  2. Dick Stanley | July 31, 2019 at 5:55 pm |

    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.