NSF Fees

[Hous]

I just notice that I have a NSF fee on my school account. I went online to pay for my classes a couple weeks ago and selected the Echeck option. within this option was a choise between "checking" and "savings" accounts. I was like, "cool, I dont have to transfer funds." So I chose savings (I had more than sufficient funds in the savings account, and filed out the account info (yes, it was my savings account info). Now I get word of a return check and was charged $40.00.

Can you have money pulled from your savings account instead of checking? Isnt it misleading for a company to have an option to take the funds from a savings account if its not possible? I asked for an explanation and for a waiver of the NSF charges if the abovementioned scenario is how it went down.

What do you guys think?

[ƒallenloki]

Hm..

Banks are a**holes. I work for one.

They're allowed to take the money out of your savings to settle your checking account if they're closing it out. Never seen it transferred otherwise

[- v e t -]

yeah i've never been able to transfer directly out of my savings like that TBH.... but my accounts are all with one bank (mostly) so transferring takes seconds

sorry bout your luck bro

[- v e t -]

3 straight posts with Ron Paul associations

[Check]

I never understood it and it pisses me off that there is a 6 transaction limit on savings. It's your money and when it comes to banks, it should be as liquid as possible, with no limits. I also have only one bank so transferring from savings to checking only takes a few seconds online. I wonder if you threaten to move your money elsewhere they will waive it.

[Hous]

I called my bank and they informed me that there wasnt any overdrafts on my account and its in good standing. I checked my epayment receipt and noticed the last digit on my savings account number was missing (6). My savings account number is 10 digits long. I looked at my checking account number and noticed it was only 9 digits. I think the school site only allows you to type in 9 digits even when the payment is selected to go through as savings which is 10 digits.

I wrote this in a email and kindly asked for them to waive the NSF charges.

[Hous]

I never understood it and it pisses me off that there is a 6 transaction limit on savings. It's your money and when it comes to banks, it should be as liquid as possible, with no limits. I also have only one bank so transferring from savings to checking only takes a few seconds online. I wonder if you threaten to move your money elsewhere they will waive it.

I was going to do that, but they said they had no record of it. Which brought me to investigate the incident and came up with the hypothesis above.

[Walt Liquor]

I bounced over 50 checks in a yr about 15 yrs ago.

[LoftyDog]

I never understood it and it pisses me off that there is a 6 transaction limit on savings. It's your money and when it comes to banks, it should be as liquid as possible, with no limits. I also have only one bank so transferring from savings to checking only takes a few seconds online. I wonder if you threaten to move your money elsewhere they will waive it.

That's actually not the banks' rule, its a federal regulation... Reg D. if you want to know which one.