Closing Savings Accts due to too many withdrawals...?

[Scamp]

Has anyone actually had a bank take this kind of AA due to too much withdrawal activity on a savings account?

I'm thinking of transferring my accts from WF to BofA, and I do use my savings acct as my own 'overdraft protection' by transferring funds to checking if checking gets too low (no point in paying them to do what I can do myself for free).  Federal law permits up to 6 preauthorized transactions  per month, but I noticed in BofA's fine print that I was reading before actually finishing the process of opening accounts online, that they say they may convert/revoke privileges (?) or close a savings account if there's too much withdrawal activity on it.

WF has  never said 'boo' about how often I do these cover-my-backside transfers, as I've never gone over the 6-per-statement-period limit, and some months recently have seen me do as many as 4 or 5 transfers due to unexpected this or that causing me to tap my savings (that's what it's for - emergencies and the unexpected); has anyone had a savings acct. with BofA, had similar withdrawal/transfer activity and actually been shut down?  How picky is BofA about this, and can they actually close my acct. for 'excessive withdrawals' if I'm under the Federal limits for withdrawals?

Would appreciate hearing from anyone who banks with BofA and/or just knows more about it.

Thanks!

[Anonymous]

I've been with BofA since Spring of 05 (I only remember because I'm all round faced in my bank card picture since I was about to have my son that June lol). 

I do a bit of transferring back and forth, checking to savings, and savings to checking, depending on how life is looking.  I don't think I've ever done 6 or more transfers from my savings in a month though.  They've never said anything to me about it.

I never even knew there was a max... lol

[llecs]

I've had two different banks do this to me. One was Provident bank here in the DC area and also Wachovia Bank. It wasn't a big deal. They did convert to a checking and both let it slide for while, anyway until I kept on doing it. The law is good, but this provision of the law is stupid, IMO.

[Scamp]

---

modernsurrender wrote:

I've been with BofA since Spring of 05 (I only remember because I'm all round faced in my bank card picture since I was about to have my son that June lol). 

I do a bit of transferring back and forth, checking to savings, and savings to checking, depending on how life is looking.  I don't think I've ever done 6 or more transfers from my savings in a month though.  They've never said anything to me about it.

I never even knew there was a max... lol

---

Thanks for letting me know your experience with them - encouraging to hear.

 Yep - those kinds of transfers between your accounts are limited to six per statement period.  Certain other kinds are limited to 3 per period.  I usually find myself doing anywhere from 1-4, in a month depending on what's going on.  Some of that I can eliminate just by being a bit more careful with my money, I know!

I just don't want to open up the accts with BofA, get all set up and do my normal thing with them for a month or two, only to have them convert or close the savings acct. on me because I DO routinely move money back and forth - as long as I stay within the Fed limit, I want them to leave me alone.

Sounds like the probably will, but I'll also probably try to budget my expenses better so that more stays in my checking acct. to begin with and I'm not as prone to these transfers for at least the first few months with them.

Thanks again for the feedback.

[Anonymous]

I think I was reading on BoA website that you can link your savings/checking accounts and use your savings as "overdraft protection".

[Scamp]

---

sidewinder wrote:

I think I was reading on BoA website that you can link your savings/checking accounts and use your savings as "overdraft protection".

---

Yep - take another peek at my first post and you'll see that's exactly what I do with my current WF accts.  

No paying them to do it, however!  I'm a control freak and monitor all accounts DAILY, so whenever checking looks uncomfortably low, I do my own transfer from savings.

[Anonymous]

They charge disgusting fees when they do an auto transfer for you, AND they still charge you overdraft fees as well...

Used to piss me off royally.

Then I broke up with my ex and all those overdrafts stopped happening shortly there after haha

[Scamp]

---

modernsurrender wrote:

They charge disgusting fees when they do an auto transfer for you, AND they still charge you overdraft fees as well...

Used to piss me off royally.

Then I broke up with my ex and all those overdrafts stopped happening shortly there after haha

---

Whatever solves the problem, I guess!  

[wmarat]

---

scapegrace13 wrote:

---

modernsurrender wrote:

I've been with BofA since Spring of 05 (I only remember because I'm all round faced in my bank card picture since I was about to have my son that June lol). 

I do a bit of transferring back and forth, checking to savings, and savings to checking, depending on how life is looking.  I don't think I've ever done 6 or more transfers from my savings in a month though.  They've never said anything to me about it.

I never even knew there was a max... lol

---

Thanks for letting me know your experience with them - encouraging to hear.

 Yep - those kinds of transfers between your accounts are limited to six per statement period. I've recently talked with BOA rep and been told that the limit is to to 4 withdrawls per month. Certain other kinds are limited to 3 per period.  I usually find myself doing anywhere from 1-4, in a month depending on what's going on.  Some of that I can eliminate just by being a bit more careful with my money, I know!

I just don't want to open up the accts with BofA, get all set up and do my normal thing with them for a month or two, only to have them convert or close the savings acct. on me because I DO routinely move money back and forth - as long as I stay within the Fed limit, I want them to leave me alone.

Sounds like the probably will, but I'll also probably try to budget my expenses better so that more stays in my checking acct. to begin with and I'm not as prone to these transfers for at least the first few months with them.

Thanks again for the feedback.

---

[wmarat]

---

sidewinder wrote:

I think I was reading on BoA website that you can link your savings/checking accounts and use your savings as "overdraft protection".

---

My credit card is linked to my checing as an overdraft protection