Fed announces rule changes for personal bank accounts

Fed announces rule changes for personal bank accounts

The Federal Reserve announced it’s eliminating the six transactions per month limit on a person’s saving account. The new rule is effective immediately. #FoxBusiness

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97 Responses

  1. BF GF says:

    Dumb stupid rule shouldn’t exist anyway.

  2. Adam E. says:

    Nice! Was always such a disgusting practice.

    • run teldat says:

      Yes, the savings account transfer limit was always the most disgusting practice in banking. 🤷

    • Dan Nguyen says:

      Good, hopefully more to come

    • Night Garden says:

      There’s a self-serving business reason why they did this. For one, banks paying out less interest on low balance savings accounts. Also, banks may be covering more bounced checks right now, due to their automatic customer overdraft coverage programs. If customers are limited on moving money from savings to checking, to cover their overdrafts, the banks are temporarily hit with paying the deficit. Just a thought. (Some banks automatically dip into people’s savings to cover overdrafts, but others require the account owner to transfer savings to checking to cover deficits.)

    • Adam E. says:

      @run teldat …..🤔

    • Adam E. says:

      @Night Garden You’re on the right track

  3. Charles DeLorenzo says:

    Banks controlling your access to your money. We know who the true criminals are.

    • Dugie Doogs says:

      So ‘Savings Accounts’ are no longer about ‘saving’ (ie not losing at less – than – inflation interest rates)… They are now effectively checking accounts. Period.

    • Bob M says:

      Correction,
      We know who our MASTERS are.

    • Bob M says:

      @mountainfolks it’s the chip in your debit/credit card.

    • SleepThaSheep says:

      Mark Miller that’s not how that works. Do you know your history? Not the history taught in schools. The real history. The Fed (Central Bank) own the United States. Don’t take my word for it though. Since google algorithms are now uncensored type in “Who owns the United States” surprise!

    • mountainfolks says:

      @Bob M So sad. Ignorance

  4. Views Frombelow says:

    The rule shouldn’t have existed in the first place, people are so empty in the brain. We should have fought for this right when they put the rule in place.

    • ako tairi says:

      Due to a 64% loss in subsistence jobs and a gig economy of short term employment and temporary contracts by the previous administration, millennials are 20% behind where their parents were at that age. Millennials own less by comparison, cant afford a mortgage let alone *save for the future* where the average household in general, doesn’t have $400 in hands on cash. That is how Obama said goodbye @ “Those jobs ain’t coming back.”

    • TheSlowbosambo says:

      @ako tairi good stuff! Keep informing

    • TheSlowbosambo says:

      @Samuel Sparling Good stuff!

    • Terry Smith says:

      Banks dont like to give you your money

    • Mrs Bone says:

      And the fault spending limit needs to change especially at wells fargo…. uppity can’t even ask for it to increase unless you have been there for a year no matter how much money you may have in there… they limit your spending/outgoing amount. I couldn’t even buy a freaking apple online. so I have to go to the bank and take money out and put it on a card just to do a purchase as such. Absolutely ridiculous!

  5. Shadow 133 says:

    Finally some good news. Now I need a job to get some money to transfer back and forth.

  6. Tom Keyser says:

    The question should be, why are they limiting your access to your money at all.

    • Bob M says:

      Because it’s their money. They loan it to us. A note is an instrument of debt. Now go read a dollar bill, seriously.

    • Bob M says:

      @Mr Amaterasu no, it was the federal reserve printing more notes than the gold backing them. Same thing again in 1971, when foreign governments called their bluff. That’s how we inherited the petro-dollar.

    • Mr Amaterasu says:

      @Bob M ahhh i think i heard about in world history. Didn’t france try to withdraw their gold/silver, and the president refused to give them it?

    • Rich Henry says:

      I work for a bank. The rule doesnt keep you from your money. The point of a Savings account is to save. They didnt want you treating your account like a checking. Online transfers, Phone transfers, ACH Debits were limited to 6 per month.
      Once you processed those types of transactions for a total of 6 times you could only withdraw in person.
      So. The bank wasnt keeping you from your money. Those rules were in place when you open your account and you still opened it willingly. I didnt like the rule myself but i saw the reasoning behind it.

    • Tim Riggs says:

      @James Bush No, we don’t all believe our cash is in a vault, most people know our money is used for loans, did you get a loan for your house or car? Where do you think that money came from.

  7. Nordic Snowhammer says:

    Cool. I can take my 6 bucks out over a whole week.

  8. Sam Bass says:

    Why is an unelected body making policy decisions on people’s personal labor savings.

    • Soda Pop says:

      Well americans are super lazy anyways.
      But at least they changed it back i wonder why

    • hortons1967 says:

      @Sam Bass Strange. He was our fake President when the Banks got “weird” and draconian…

    • Rog Rambo says:

      Here’s something to think about. The Federal Reserve that owns all of the money, is a privately owned the back. The central bank started in England over a lie told to Nathan Rothschild regarding the Battle of Waterloo. The first attempt at a Central Bank in the United States failed because of Andrew Jackson. When asked on his deathbed what the greatest achievement of his life was, he said I killed the bank. He called them a den of vipers. Thomas Jefferson said that if a private bank was ever given control of the money, through inflation and deflation they could control the value of the money, which is exactly what the United States has been seeing since the gold standard was eliminated in The mid-70s. The Rothschilds and the other 12 families that own the Federal Reserve, also own the central bank of every other country in the world with the exception of North Korea, Iran, and Sudan. Do those countries sound familiar? The last three countries to have a central bank installed owned by the same families were Iraq, Afghanistan, and Cuba. The same people have financed both sides of every war since the Battle of Waterloo. Is everyone starting to put this together now? The United States military is being used as their Enforcer. The news media and the major internet Outlets are being used by them for social engineering, or the division, dumbing down, and fear installation of the masses. That is why they wish to disarm us. it is why they want to twist us into socialism. The end goal is a one-world Central Bank. Nathan Rothschild said if I can control a nation’s money, I care not who makes its laws. they do not want the average person to be able to become wealthy and independent, and no longer push the buttons or pull the levers while enjoying the tax breaks that they created for themselves. They own a lot of our politicians too. every Democrat that I can think of, and at least half of the Republicans. that is how people like Joe Biden, Nancy Pelosi, the clintons, Mitt Romney, and the list goes on, wind-up multi-millionaires after spending a lifetime making less than the average pipeline welder as a government employee. that is why they take President Trump’s words out of context, and why they do anything they can to try to Turn people against President Trump. They are not really after him. they are after us, President Trump is just in their way. and enough of the American people have seen through this to support the president. This last part is important. LOOK AT THE LIVING CONDITIONS OF ALL OF THE LITTLE BLUE AREAS ON THE ELECTION MAP! these are the people that have been oppressed for so long That they do not even realize it is going on. they have been raised in the system, and believe that a cubicle and an apartment Is the American dream until they get to use their 401k if it is still there by the time they need it. But more and more of these people are starting to see the truth. and the numbers of those who support these evil foot soldiers Are beginning to diminish drastically. and while scrambling for anything, and knowing that crazy old pedophile Joe Biden has no chance of doing anything, it is a good time to use that media and the internet Outlets do not only cause fear, and distraction amongst the people, but also to prevent these Trump rallies that draw a hundred thousand people, while the DemoKKKratic plantation is canceling rallies because no one is showing up. there is a reason this is happening right before election time.

    • hortons1967 says:

      @WoioW oioW We are talking 2 different things here you all are stupid. I’m not taking about the FED but specific changes made by Obama ..get a life lol. I know the Fed quite well….

    • hortons1967 says:

      @Sketchie P You should get a job with CBS…

  9. Rick 94 says:

    I’ve come to the realization that this country is never getting out of debt.

    • salvador ceja says:

      @Lilly Anne exactly….at one point in time shells and salt were more valuable than paper….people don’t have that perception….they don’t see through the game the system that a few came up with……but that’s all it is

    • salvador ceja says:

      @Scorpio1964 Wines but this account it’s the source…..it’s infinite……the game can go on for ever………Or till someone unplug the machine….

    • Nina Taylor says:

      @Andy Fletcher You are right I have no idea how you would justify making it illegal I have never heard anyone say it needs to be made illegal. You have taken a position and thats fine considering the limited amount of information you have to work with. So lets just agree to disagree

    • Theo Fulk says:

      GLAD TO INFORM YOU, TRUMP HAS SECRETLY DESTROYED THE FED ! It will take a few months for TRUTH to be known, but you will see it in CINEMACOLOR SOON !

    • Nina Taylor says:

      @Theo Fulk Thanks Theo for the update

  10. Little Shepherd Farm says:

    Its about time they started leaving people’s monies that they’ve saved any way they could alone. Get the hell away from my money and stay away is the way it should be. Period.

    • Deep Subject says:

      Who says you have to put your money in their banks in the first place?
      Telling the people you give your money to, people who use your money to pay themselves interest and who use your money as collateral for the loans they give to you and other people(to pay themselves even more interest), to leave your money alone, after you give it to them, is some kind of mental illness.

    • Deep Subject says:

      @Joseph Guerra oh, yes. Banks care about people so much. Clearly, the entire banking arrangement is purely benevolent. 👌🏻

    • PermanentHigh says:

      How else could they be sure that they would have access to your money to invest

    • Little Shepherd Farm says:

      @Deep Subject Its true that it’s a vicious circle they play with your money, and YES they definitely make a lot more off of it than we ever could, but what I meant was that people put their cash into a bank to earn interest on it, and for the most part as long as it stays in there we do earn some interest. All the crap they do behind the scenes may be important to some people but to most folks we just want everything we’ve worked for to be left alone including our Constitutional rights and our monies that we’ve worked so hard to earn. That all I meant…and NO I havent checked in with my local looney bin lately either. 😳🤣🤣🤣🤣🤣🤣

    • ann stout says:

      00086

  11. Jerry Martin says:

    Why does the FED, an unelected body, have the authority to interfere in a private business matter between s bank and it’s customers? Talk about 3rd party inteference.

    • rjpennington68 says:

      @Jerry Martin I agree that they should not have this authority and do not disagree with your premise in that regard, BUT they do have this authority and it has been held as constitutional. There is a concept in federal law called Chevron defenses. In essence it indicates that an authority that regulates an industry (in this case the fed), has the ability to promulgate rules that have the same weight as law so long as they do not contradict laws enacted by the legislator. The remedy for this is the legislator (Congress).

    • Jerry Martin says:

      @rjpennington68 You are right in that Congress should move on the FED, they are chartered by Congress. Again I say my premise is correct. They do not have authority. Fiscal policy is under the Dept. of the Treasury, ultimately the Secretary of the Treasury. He is accountable to the President and approved by Congress.

    • Chad Larson says:

      That’s because its not your $. It’s their $

    • jimv1983 says:

      I trust the Fed a lot more than I trust the banks.

    • Jerry Martin says:

      @jimv1983 The FED are bankers. International Bankers who at times work directly with other Bankers in other countries against American interests. Do you even know what the FED is?

  12. Hom Tanks says:

    The banks want people to be able to spend their savings asap and suck whatever is left out of us.

  13. Zach theDiver says:

    Making it easier to drain your last bit of “value”

  14. Paul V. Montefusco says:

    No bank anywhere, “federal” or otherwise, should control, in any fashion, have had say as to the frequency of access to the individual, joint or other account holder’s money ny that account owner/holder/depositor. The Federal Reserve and the banking system in general would be a sick, disgusting and dirty joke were its idiocy not so patently abusive and taken for granted.

    • Dave says:

      @War N Peace its all a ponzi scheme. however its spelled. ill keep my money with me or hidden and my trusty .45

    • Joseph Guerra says:

      If you had a checking account, there is no limit.

    • Sentinel says:

      @Joseph Guerra well why would there be a limit in your savings?? It’s YOURS!

    • Joseph Guerra says:

      @Sentinel Bank reform. Peoole had no idea wjat the hell “savings” meant and was dumbfounded when they realised they kept coming up empty when they went back to the well. So laws were passed so people could take advantage of savings axxounts that were to remain untouched, and thus why they have a higher interest rate. But if you need access to that money, you have 5 chances to dump it into the checking account per month. Using an atm or a a teller to move the money or having the bank issue a chexk from that account also does not count towards that limit. Seriously, read the paperwork they send out when you open a new account.

  15. Rita DolphinStotts says:

    Remember when there were free checking accounts….

    • HRH PRINCESS GENIEVA DUCHESS ROYAL says:

      4WDriver wow! Can I join? My Credit Union just has interest on Savings.

    • HRH PRINCESS GENIEVA DUCHESS ROYAL says:

      Jimmy Jim Yeah, Right! Don’t pee on my leg and tell me it’s raining!

    • Hawgrydr B says:

      SunTrust has free checking. The charge for some things but not normal day to day checking services. I have had them for about 12 years!

    • Curt Zeek says:

      Byron I think you better come out from whatever rock you’re under. I currently use 3 different banks, one local bank, and Citizens and M&T. I have checking accts at all of them and none of them have fees. The M&T acct pays interest. Time for you to shop around. If you’re paying fees, it’s only because you’re lazy.

    • jimv1983 says:

      My checking account is at Bank Of America and it is free. When I opened it there was a $5.00 a month free but that stopped more than 15 years ago.

  16. alphaj9 says:

    Should never have been a thing in the first place. How can you tell people how they can move their money around.

    • Monte Stu says:

      alphaj9 — Just put it in a checking account and there are no restrictions. A checking account is a “demand account” and they can’t restrict access to your money. A savings account is not a demand account and thus there can be restrictions.

    • alphaj9 says:

      Monte Stu but the question is why? There shouldn’t be restrictions.

  17. Flyzone Alaska says:

    The banks just got trillions of dollars dumped into their savings accounts by the Fed. They don’t need us anymore.

  18. LostInPA says:

    It was a disgusting tactic used to fleece service fees out of working people.

    • Eric Fryer says:

      CHECK YOUR CREDIT CARD STATEMENT YOU WILL WANT TO PUKE WHEN YOU SEE HOW MANY SERVICE CHARGES, TRANSACTION FEES AND OTHER HIGHWAY ROBBERY IS ON THERE !

    • mike Davidson says:

      Americas chickens are coming home to roost and it’s a fat roost

    • Happy HippeeMama says:

      More nefarious, the decision was made to maximize THEIR interest earnings on the peoples’ money that they were investing and didn’t want shuffling around…

    • Rashone says:

      @Eric Fryer I checked mine. There are no fees. All there are is the total of my charges. I use my card for 98% of all purchases and pay it off every month. People should live beyond their means. That’s when the “fees” pile up.

  19. Ze - Mane says:

    The federal reserve ain’t even part of the government

  20. Zombies Won't Eat Joe Biden's Brain says:

    The Fed has been screwing me over for 20 years, this means nothing to me.

    • Cindy Lin says:

      >20 years
      It’s been screwing you over way longer than that! Since 1913! Likely before you were even born!! And guess what, it’ll screw your children over harder!!

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