I have 300 in there i want to take some out to get my boyfriend,mom,dad and bro a gift...
My mom wont let me take $$ out and I dont know why!!
So my question is does it cost anything and how should i convince my mom to let me take some out?
2007-12-17 13:47:46 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
It is my own money
&&
My mom was the one that told me "You need to start using your own $$ to buy ur family presents!"
2007-12-17 13:59:54 · update #1
It depends on the account. Many savings accounts have minimum balance requirements which if you dip below the limit you will incur a monthly service fee. Savings accounts are also government regulated by Regulation D, which limits you to 6 limited transactions a month, certain types of withdrawals included. If you exceed the 6 transactions you will get hit with a hefty fee for violating the regulation.
As far as convincing your mom to let you take the money out, why don't you ask her what her concerns are? Perhaps she isn't concerned with the cost of the withdrawal, but establishing a foundation for you to begin saving money for when you really need it. If you tell her what you want the money for, perhaps she can come up with some alternative methods for you to earn money so that you can keep your savings and build upon it.
2007-12-17 16:39:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It shouldn't cost anything to take it out. But my guess is that your mom wants you to leave the money in until you're older, maybe for college or something. Did you earn the $300 yourself, or is it money your mom saved for you? I'm sure she wants you to be careful with your money. Is there a way you can earn the money to buy Christmas gifts without touching your savings? Or could you give homemade gifts or service gifts (like doing jobs for them)?
2007-12-17 21:56:49 · answer #2 · answered by BB 3 · 0⤊ 0⤋
it doesnt cost anything. not 1 cent.
if you use your atm card on a different bank's atm machine, then it would charge you for an inter-bank transaction. but if you withdraw money over the counter in your bank, it wont charge you for anything.
2007-12-17 21:51:54 · answer #3 · answered by Burrito E ® 4 · 0⤊ 0⤋
no -- some savings accounts only allow a certain number of withdrawths per month!!!
2007-12-21 09:22:39 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋