I’m a little upset – I guess the title might clue you in to that. I just received in the mail a letter from my bank – US Bank. In the letter is says that the Bank does not limit the number of withdrawals I make from my savings account…….Federal Regulation “D” does not allow more than 6 withdrawals. It goes on; your account has been charged a fee for each withdrawal in excess of the limit.
I recently had received a call from one of their sales people who asked if I wanted to upgrade my basic savings to a money market for free. I pressed the sale person a couple times to figure out if their was any hidden fees. To which he said their wasn’t.
Today after receiving the letter I called their customer service number. I was informed that if I got in my car and drove to the bank and withdrew money through the ATM or the teller window and immediately deposited that money into my checking account I would not be charged any fees. But, to do the transfers from my home via online banking I would be charged after 6 times. So I’m getting charged for the convenience and it’s for my own safety I’m sure – way to go Government.
We use our savings account as “line of credit” for our checking account – it’s short term account. We have a long term savings account elsewhere. So now I get to decide whether I keep our savings account or convert it to a checking account.
It would have been nice if US Bank had notified me of this regulation. It would’ve been nice if instead of claiming that they don’t charge anything, with the caveat of it being a withdrawal from an ATM or teller, or just said we charge fees after 6 withdrawals according to a federal regulation. It just seems like lousy customer service – on top of it all the customer service rep told me that it wasn’t the banks fault they were just upholding the regulation. Way to tow the line – great customer service.
Anyway – there’s my rant. I’m unhappy with the fees and the customer service rep – I’m sure the rest of the service department is very nice. Thanks Government for trying to save me from the convenience the internet can bring and myself. Thanks US Bank for accepting responsibility for following the regulation and offering the best customer service experience you could offer.
Time to start putting my money under the mattress I guess.
