Is it Federal Law that banks have to charge a $10.00 transaction fee from savings to checking?

Question

I am asking this because Bank of America just charged me $190.00 for transfer fees because I made more than 6 transfers in one month and a B of A employee said they had to charge this fee per Federal law. Is this true?

Answer 1

There is a federal limit of 6 transfers out of savings accounts in a month, called Regulation D. Many banks won't allow you to anymore than that. And those that do have a "three strikes rule", do it more than 3 months out of 12 and they will close your account. They aren't required to charge you, but most banks have precautions in place so they don't get fined.

You can get around this by going to the bank, withdrawing money from your savings account, and then depositing the money into your checking account.

Answer 2

I have heard of the $10.00 charge and I know that money market accounts have a limit of 6 transfer out per month (I'm pretty sure that ATM transfers don't count, only on line transfers). I'm not sure if they have to charge you the fee, and I'm pretty sure that they could have just refused the additional transfers instead of charging you.

Answer 3

every bank has their own fees but I used to work in a bank and for that much money I would have made an adjustment and gave you back your money
you could ask them to reverse the fees