I love how the gub'ment "watches out for us". Pffft.
Have you heard about this Federal Regulation D that 'limits certain withdrawals and tranfers" from your savings account, and limits you to six transfers a month without you being present?
If you have money in your savings, for instance, and you're on vacation somewhere and your checking is overdrawn and you've used your six online transfers for the month, guess what? You're sucking up that insufficient funds fee, baby, thanks to the Federal Reserve who wants the banks to make sure they 'maintain adequate reserves for the funds they have on hand.' If that doesn't sound like political double talk I don't know what does.
So basically I can't even shift MY OWN MONEY from one account to another.
Welcome to America. Home of the brave. Land of the FREE.
Ironic thing is, had the government done what they're making the banks do--adequate reserves blah blah-- we wouldn't have to worry that Federal Reserve is belly up and deep in denial trying to cover their asses.
Now here's the part that gets me, you can go to an ATM or do the seventh transfer in person or via mail but you canNOT do it online.