Banks' check-clearing policies could leave you with overdrafts

Oct 25, 2007 Read more: WZZM Grand Rapids 107
As we write checks and use our debit cards this holiday season, banks are forcing some of us to overdraw more often by clearing the largest transactions first, instead of processing them in the order they come ... Read more
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eman

Allendale, MI

#105 Dec 12, 2013
Secondly... I can deposit $20k in my account, no problem. But, if I attempt to withdraw $10K, here come the questions as to the reason for my withdraw. WTH is this? I can't go to a country auction to possibly buy a tractor without being suspect? LOL
Mark

Asheville, NC

#112 Jun 7, 2014
Old thread but if you want to know why you get charged for over 6 withdrawals/transfers from a savings account, google FEDERAL REGULATION D. It isn't a bank policy and even an imaginative banker can do nothing about it. It is a federal regulation.

"In consumer banking, "Regulation D" often refers to 204.2(d)(2) of the regulation, which places a limit of six withdrawals or outgoing transfers per month from savings or money market accounts via several transaction methods. Transactions counted against the limit include "preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction, or by check, draft, debit card, or similar order made by the depositor and payable to third parties."

http://en.wikipedia.org/wiki/Regulation_D_ (FRB)

Since: May 14

Location hidden

#113 Jun 9, 2014
Some place now have remote capture (where they acctually process the check right there instead of having to bring it to a bank. And about all these non sufficent fund fees, I really dont know how you can overdraw your account so many times and not know it.
from:customcanvasonline
Mark

Asheville, NC

#114 Jun 13, 2014
eman wrote:
Secondly... I can deposit $20k in my account, no problem. But, if I attempt to withdraw $10K, here come the questions as to the reason for my withdraw. WTH is this? I can't go to a country auction to possibly buy a tractor without being suspect? LOL
Again, federal government requirements for reporting cash transactions over certain limits. All the things most people blame on banks are actually federal regulations. You can google it all.

Since: Feb 13

Location hidden

#116 Jun 16, 2014
Most of my dealings are carried through my Greater Central Texas Federal Credit Union account and it's always smooth.
GAP

Athens, Greece

#117 Jun 17, 2014
the mice are talking about the type of steel wire they used to make the cage they are in... Interesting.

Since: Nov 12

Cagayan De Oro, Philippines

#118 Jun 17, 2014
nice thread. thanks for sharing that information. it was very informative.
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