I received a letter in the mail from one of my banks today, consisting of what is quite possibly the stupidest thing I have ever read:
Federal regulations limit the number of transactions allowed on savings accounts during a 12-month period, and we are required to monitor your account to ensure it does not exceed the mandated number of transactions.
According to the regulations, you can make unlimited deposits or withdrawals to your account in person, by mail or ATM, but by law, you are limited to not more than six pre-authorized, automatic, online or telephone transfers or withdrawals per month…
Your account has exceeded the legal transaction limit in a 12-month period for the first time. Once that limit is exceeded three times within the same 12-month period, we will have no choice but to close your account.
WTF? Of course like so many inane “regulations” that plague our daily lives, nobody is ever aware of this one until they happen to violate it.
Is this supposed to be some sort of consumer protection law? Because I can’t (for the life of me!) figure out how this regulation could possibly be in the best interest of anyone besides the banks — who of course charge a fee if you exceed six “pre-authorized, automatic, online or telephone transfers or withdrawals” in a month. Its ridiculousity is compounded by the fact that there is no limit on the number of permissible transfers — as long as you make those transfers in person, by mail, or by ATM (i.e., the three most inconvenient manners of making withdrawals or transfers).
Now, I’m not particularly concerned about losing my bank account (it probably won’t happen again) and I could give to sh!ts about a “savings account” which pays a paltry .25% interest. It’s just idiotic. That is all.