My Mom told me it is and that you can only have 4 transactions a month. Is that true also? What if I'm getting my tax return deposits into my savings account even though I have already withrawled / deposited 3 times? Would I be over that 4 transaction limit even though the tax deposits are also from the government? Thanks to those who answer...
2007-03-05 23:37:35 · 3 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
If you go over that 4 transaction limit, my Mom had told me they can send you to prison for that? To me, that's a bit much. Is that true? My Mom and I have a joint savings account even though I'm 28 and a few times I went over my 4 transactions and she got a letter in the mail notifying going over the 4. My Mom got angry with me...
2007-03-05 23:39:37 · update #1
Your transactions depends on what type of account you have with the bank, if its a special savings account, you may have certain limits on it, but in general accounts with no clauses you can put in adn out as many times as you like, check with the bank. The Goverment does not watch your account, but if you do any legal proceedures, like inheritance, or benefits ect they can access and check it, to see what you have. It sounds to me your mum wants you to save your money, instead of drawing out all the time. Check with your bank.
2007-03-05 23:44:37 · answer #1 · answered by leigha 5 · 0⤊ 0⤋
no the government does not watch your bank accounts. the only people that they watch accounts of , are people being activily investigated. Also, i think the number of transactions can vary by bank... You didnt state in your question if where you are, but ive got a US bank {Navy Federal Credit Union} and im pretty sure {not certain} that we get 6 transfers a month.
I just reread your question, and if this is on complete transactions {withdrawals, deposits, transfers etc} then its the way your account is set up, and personally? i would switch to a different account type. there is no way i would go with a bank that only allows me access to MY money 4 times a month! thats absolutely insane! Why do you still have a joint bank account with your mother?
2007-03-06 07:53:25 · answer #2 · answered by asailorsstar 4 · 0⤊ 0⤋
You won't be sent to prison for having more than 4 transactions. Large companis have hundreds, even thousands of transactions each day, if that was true then they should have closed down a long time ago, and their employees should all have been in prison.
2007-03-06 07:43:14 · answer #3 · answered by Dr Dee 7 · 0⤊ 0⤋