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Multiple Savings Accounts Help To Avoid Excess Withdrawal Fees

Friday, February 7, 2014 - 5:55 PM
"Many bank customers don’t know that, in some instances, they can actually be charged a fee to take out their own money. It happens with savings accounts when customers make too many withdrawals during the month. To those who find it unfair for banks to impose this excess withdrawal fee, there is a way to avoid them and still keep your money earning a decent interest rate.Federal law limits withdrawals and outgoing transfers from a savings account or money market account to six per month (does not apply to ATM withdrawals). Violating this limit means that banks can charge a fee, close the account or convert it to a checking account."
ShorebreakShorebreak2,696 posts since
Apr 6, 2010
Rep Points: 14,620
1. Friday, February 7, 2014 - 7:07 PM
My bank told to come in and let them do the withdrawal and it would not count. I never have done it because I put all my bills on a credit union's credit card and pay it off at the end of the month from their reward checking account. At the end of the year the credit union sorts the bills paid by category for me. 
Ally6770Ally6770942 posts since
Jan 16, 2010
Rep Points: 2,741
2. Friday, February 7, 2014 - 9:16 PM
If bank customers open certain bank accounts with limited withdrawals and don't take the time to learn about it, they "should" be penalized by the banks.  My bank savings/checking account only allowed me to write 3 checks on it per month and I could make 3 withdrawals.  I was never charged a fee on this account.  Customers are made aware of the type of account they are opening and if they are not capable of following the rules they should not open these accounts.  Too many people want to blame a lot of fees on the banks when it is due to their own disregard for learning about the account they have.
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152